A bill to amend the Tariff Act of 1930 to temporarily continue the present duty-free status of the cost of fish net and netting purchased and repaired in Panama.

(Reported to Senate from the Committee on Finance with amendment, S. Rept. 96-997)

Amends the Internal Revenue Code to extend for one year the excise taxes on noncommercial aviation fuel (from October 1, 1980) and air transportation (from September 30, 1980). Amends the Airport and Airway Revenue Act of 1970 to extend the Airport and Airway Trust Fund by one year from October 1, 1980.

Increases the excise tax on special fuels used in noncommercial aviation to 8.5 cents per gallon and on gasoline used in noncommercial aviation to 4.5 cents per gallon, effective January 1, 1981.

Extends the excise tax on civil aircraft at the rates in effect before July 1, 1980, until July 1, 1981. Continues such tax at reduced rates through September 30, 1981. Makes such tax applicable only to those in the air transportation business who are not currently exempt from the air transportation tax effective July 1, 1980.

Exempts helicopter fuel from the fuel excise tax if such helicopter is used for natural resource development or for tree cultivation, effective January 1, 1981. Directs the Secretary of the Treasury to pay the ultimate purchaser the amount of tax imposed if such helicopters use fuel which has been taxed.

Grants tax-exempt status to interest earned on industrial development bonds for airport facilities issued after December 31, 1980.