A bill to amend the Federal Aviation Act of 1958 to limit under certain circumstances the discretion of the Civil Aeronautics Board in determining the rate of compensation to be paid to an air carrier for the transportation of mail by aircraft.

[AI summary unavailable — showing source text] Amends the Federal Aviation Act of 1958 to require the Civil Aeronautics Board, in determining the compensation for any local service air carrier for mail for the year 1966, to apply a specified subsidy rate. Exempts from such determination any decrease in the Federal income tax liability of such carrier in such year resulting from any capital loss carry back pursuant to the Internal Revenue Code. Directs the Board, if such decreases in tax liability was taken into account, to redetermine the compensation to be paid to such air carrier and to make payment of any amount owed to such carrier as provided in such redetermination.…