Airport Development Acceleration Act

[AI summary unavailable — showing source text] Airport Development Acceleration Act - Expands the definition of "airport development" under the Airport and Airway Development Act of 1970 to include security equipment required by the Secretary of Transportation for the safety and security of person and property on the airport. Provides that the Federal share of allowable projects costs incurred under the Airport and Airway Development Act of 1970 shall be: (1) fifty percent for sponsors whose airports enplane not less than one percent of the total annual passengers enplaned by air carriers certificated by the Board; and (2) seventy-five percent for sponsors whose airports enplane less than one percent of such passengers. Provides that to the extent that the project cost of an approved project for airport development represents the cost of safety equipment required under the Federal Aviation Act of 1958 the United States share shall be 82 percent of the allowable cost thereof with respect to airport development project grant agreements entered into after May 10, 1971. States that the extent that the project cost of an approved project for airport development represents the cost of security equipment required by the Secretary by r…