Airport and Airway Extension Act of 2012

[AI summary unavailable — showing source text] Airport and Airway Extension Act of 2012 - Amends the Internal Revenue Code to extend through February 17, 2012, increased excise taxes on aviation fuels, the excise tax on air transportation of persons and property, and the expenditure authority for the Airport and Airway Trust Fund. Extends through February 17, 2012: (1) the authorization of appropriations for airport planning and development and noise compatibility planning projects (known as airport improvement projects [AIPs]), and (2) the authority of the Secretary of Transportation (DOT) to make new AIP grants. Extends through February 17, 2012: (1) the pilot program for passenger facility fee authorizations at non-hub airports, and (2) disclosure requirements for large and medium hub airports applying for AIP grants. Authorizes appropriations to the Secretary through February 17, 2012, to make agreements to provide small community air service assistance to underserved airports. Directs the Secretary to extend through February 17, 2012, the termination date of insurance coverage for domestic or foreign-flag aircraft. Grants the Secretary discretionary authority to further extend such coverage through May 17, 2012. Extends th…