FAA Air Transportation Modernization and Saftey Improvement Act

Congress has passed and sent to the President for his signature H.R. 658, the FAA Air Transportation Modernization and Safety Improvement Act (the Act). While focusing on subjects such as improved aviation safety and capacity, and streamlined aviation programs, this legislation carries tax changes, including a change for certain corporations repurchasing debt, new rollover options for certain qualifying airline employees, and a number of aviation-related excise tax changes.