Senate Finance Committee approves general aviation fuel tax increase
February 17, 2011, 05:27 pm
The Senate Finance Committee has approved a bill that will use an increase in general aviation taxes to fund the modernization of the air traffic control system, according to The Hill.
Jet fuel taxes will increase from their current price of 21.8 cents per gallon to 35.9 cents. The additional revenues from fuel taxes will be used to help with the implementation of the NextGen air traffic control system, intended to upgrade satellite and GPS systems of airports.
The approved bill, known as the Airport and Airway Trust Fund Reauthorization, will renew the authority of the Federal Aviation Administration. The bill is expected to provide $400 million per year for the FAA's modernization efforts.
Even with the addition of the increase in fuel taxes, pilots should be mindful of other important investments such as safety equipment and pilot insurance, and maintain those financial commitments as well.
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