The Airport and Airway Trust Fund has missed out on between $1 billion and $2 billion in the past 10 years, according to estimates from a report released Monday.
Airport and Airway Trust Fund Losing Tax Revenue
Key Takeaways:
- The Airport and Airway Trust Fund has lost an estimated $1 billion to $2 billion over the past decade due to issues with jet fuel tax transfers.
- This shortfall occurs because noncommercial jet fuel taxes initially go to the Highway Trust Fund, with a small $0.025 per gallon refund intended to be claimed by vendors to redirect funds to the Airport and Airway Trust Fund.
- The Government Accountability Office (GAO) found that less than half of the intended tax receipts reached the fund, largely because vendors infrequently file claims for the "relatively small" refund amount.
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