A bill to amend the Federal Aviation Act of 1958 to limit under certain circumstances the discretion of the Civil Aeronautics Board in determining the rate of compensation to be paid to an air carrier for the transportation of mail by aircraft.

Amends the Federal Aviation Act of 1958 to direct the Civil Aeronautics Board, in determining the compensation for any local service air carrier for mail for 1966, to apply a specified rate schedule and to disregard any decrease in the Federal income tax liability resulting from any net operating loss carryback. Requires the Board to recompute such compensation if such a decrease was previously taken into account.