United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2003-09-15 monographic deposited born digital 29 p. GA 1.13:GAO-03-979 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-03-979 P0b002ee180391440 f:d03979 DGPO 2010-08-12 2011-03-24 GAOREPORTS-GAO-03-979 machine generated eng fdlp REPORT GAOREPORTS-GAO-03-979 GAO-03-979 Financial management Funds management Future budget projections Strategic planning Taxes Trust funds Airport and Airway Trust Fund Other Written Product A08462 The multibillion dollar Airport and Airway Trust Fund (Trust Fund) provides most of the funding for the Federal Aviation Administration (FAA). The Trust Fund relies on revenue from 10 taxes, including passenger ticket, fuel, and cargo taxes. Concerns about the financial outlook of the Trust Fund have emerged recently given the downturn in passenger air travel, requests from the airlines to suspend some of the Trust Fund taxes, and the need to reauthorize FAA's major programs in 2003. GAO was asked to determine (1) the projected financial outlook of the Trust Fund and (2) how a 1- year suspension of various taxes accruing to the Trust Fund (i.e., a tax holiday), would affect its financial status. We were asked to assess five potential tax holidays that would have begun on April 1, 2003, and ended on April 1, 2004. GAO used a model developed by FAA that made financial projections for the Trust Fund using expenditure assumptions that were based on (1) the Senate Committee on Commerce, Science, and Transportation's May 2, 2003, and the House Subcommittee on Aviation's May 15, 2003, reauthorization proposals authorizing over $34 billion and (2) the President's proposal authorizing almost $38 billion from the Trust Fund. For each of these proposals, GAO asked FAA to model the effects of five different tax holidays. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-03-979/html/GAOREPORTS-GAO-03-979.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-03-979/pdf/GAOREPORTS-GAO-03-979.pdf GAO-03-979 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-03-979 Other Written Product GAO-03-979; Airport and Airway Trust Fund: Financial Outlook Is Positive, but the Trust Fund's Balance Would Be Affected If Taxes Were Suspended; Financial management Funds management Future budget projections Strategic planning Taxes Trust funds Airport and Airway Trust Fund Public Law 91-258