‘‘(1) IN GENERAL.—The tax imposed by sub-
section (a) shall apply to—
‘‘(A) transportation beginning during the
period—
‘‘(i) beginning on the 7th day after
the date of the enactment of the Airport
and Airway Trust Fund Tax Reinstate-
ment Act of 1997, and
‘‘(ii) ending on September 30, 1997,
and
‘‘(B) amounts paid during such period for
transportation beginning after such period.
‘‘(2) REFUNDS.—If, as of the date any trans-
portation begins, the taxes imposed by this section
would not have applied to such transportation if
paid for on such date, any tax paid under paragraph
(1)(B) with respect to such transportation shall be
treated as an overpayment.’’
(c) TRANSFERS TO AIRPORT AND AIRWAY TRUST
FUND.—
(1) IN
GENERAL.—Subsection (b) of section
9502 is amended to read as follows:
‘‘(b) TRANSFERS TO AIRPORT AND AIRWAY TRUST
FUND.—There are hereby appropriated to the Airport and
Airway Trust Fund amounts equivalent to—
‘‘(1) the taxes received in the Treasury under—
‘‘(A) subsections (c) and (e) of section
4041 (relating to aviation fuels),
‘‘(B) sections 4261 and 4271 (relating to
transportation by air),
‘‘(C) section 4081 (relating to gasoline)
with respect to aviation gasoline (to the extent
that the rate of the tax on such gasoline ex-
ceeds 4.3 cents per gallon), and
‘‘(D) section 4091 (relating to aviation
fuel) to the extent attributable to the Airport
and Airway Trust Fund financing rate, and
‘‘(2) the amounts determined by the Secretary
of the Treasury to be equivalent to the amounts of
civil penalties collected under section 47107(n) of
title 49, United States Code.’’
(2) TERMINATION OF FINANCING RATE.—Para-
graph (3) of section 9502(f) is amended to read as
follows:
‘‘(3) TERMINATION.—Notwithstanding the pre-
ceding provisions of this subsection, the Airport and
Airway Trust Fund financing rate shall be zero with
respect to taxes imposed during any period that the
rate of the tax imposed by section 4091(b)(1) is 4.3
cents per gallon.’’
(d) FLOOR STOCKS TAXES ON AVIATION GASOLINE
AND AVIATION FUEL.—
(1) IMPOSITION OF TAX.—In the case of any
aviation liquid on which tax was imposed under sec-
tion 4081 or 4091 of the Internal Revenue Code of
1986 before the tax effective date and which is held
on such date by any person, there is hereby imposed
a floor stocks tax of—
(A) 15 cents per gallon in the case of avia-
tion gasoline, and
(B) 17.5 cents per gallon in the case of
aviation fuel.
(2) LIABILITY FOR TAX AND METHOD OF PAY-
MENT.—
(A) LIABILITY FOR TAX.—A person hold-
ing, on the tax effective date, any aviation liq-
uid to which the tax imposed by paragraph (1)
applies shall be liable for such tax.
(B) METHOD OF PAYMENT.—The tax im-
posed by paragraph (1) shall be paid in such
manner as the Secretary shall prescribe.
(C) TIME
FOR
PAYMENT.—The tax im-
posed by paragraph (1) shall be paid on or be-
fore the first day of the 5th month beginning
after the tax effective date.
(3) DEFINITIONS.—For purposes of this sub-
section—
(A) TAX
EFFECTIVE
DATE.—The term
‘‘tax effective date’’ means the date which is 7
days after the date of the enactment of this
Act.
(B) AVIATION LIQUID.—The term ‘‘avia-
tion liquid’’ means aviation gasoline and avia-
tion fuel.
(C) 
AVIATION
GASOLINE.—The 
term
‘‘aviation gasoline’’ has the meaning given such
term in section 4081 of such Code.
(D) AVIATION FUEL.—The term ‘‘aviation
fuel’’ has the meaning given such term by sec-
tion 4093 of such Code.
(E) HELD BY A PERSON.—Aviation liquid
shall be considered as ‘‘held by a person’’ if
title thereto has passed to such person (whether
or not delivery to the person has been made).
(F) SECRETARY.—The term ‘‘Secretary’’
means the Secretary of the Treasury or the
Secretary’s delegate.
(4) EXCEPTION FOR EXEMPT USES.—The tax
imposed by paragraph (1) shall not apply to—