Airport and Airway Trust Fund Reauthorization Act of 2011

[AI summary unavailable — showing source text] Airport and Airway Trust Fund Reauthorization Act of 2011 - Amends the Internal Revenue Code to: (1) extend through September 30, 2013, 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; (2) impose an excise tax on aviation-grade kerosene of 35.9 cents per gallon; (3) establish the Air Traffic Control System Modernization Account to fund the modernization of the air traffic control system; (4) impose a tax on any liquid used as fuel in an aircraft that is registered in the United States and is part of a fractional ownership aircraft program; (5) exclude turbine engine powered aircraft from the exemption for air transportation excise taxes; (6) prohibit the inclusion of amounts not attributable to air transportation excise taxes in required disclosures of passenger taxes on tickets; (7) allow tax-exempt bond financing for fixed-wing aircraft equipped for, and exclusively dedicated to providing, acute care emergency medical services; and (8) limit expenditures from the Airport and Airway Trust Fund to 90% of the receipts (including interest) of such Fund in FY2012…