A bill to reduce certain taxes on aviation fuel and air transportation, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to reduce the excise tax on: (1) liquid aviation fuel from 7 cents to 4 cents a gallon on any such fuel sold or used for noncommercial aviation; (2) air transportation from 8 percent to 4 percent of the amount paid for such transportation; (3) seating or sleeping accommodations in connection with taxable air transportation from 8 percent to 4 percent of the amount paid for such accommodations; and (4) air freight from 5 percent to 2 percent of the amount paid for air transportation of property. Amends the Airport and Airway Revenue Act of 1970 to prohibit the expenditure of any amounts in the Airport and Airway Trust Fund for any purpose except as authorized by such Act and as provided by appropriation Acts. Requires, as an additional condition precedent to approval of an airport development project, written assurances to the Secretary of Transportation that there shall be no exclusive right for the use of the airport by any person providing, or intending to provide, aeronautical services to the public. States that the meeting of the aeronautical needs of the public by a single provider of such services shall not be construed as an exclusive right i…