Airport and Airway Extension Act of 2011

(This measure has not been amended since it was introduced. The expanded summary of the House passed version of March 29, 2011, is repeated here.)

Airport and Airway Extension Act of 2011 - (Sec. 2) Amends the Internal Revenue Code to extend through May 31, 2011, increased excise taxes on aviation fuels, the excise tax on air transportation of persons and property, and the expenditure authority for the Airport and Airway Trust Fund.

(Sec. 4) Increases the authorization of appropriation for the 8-month period beginning on October 1, 2010, for airport planning and development and noise compatibility planning projects (known as airport improvement projects [AIPs]). Allows such funds to be obligated at any time through September 30, 2011, and remain available until expended. Sets forth a formula for calculating AIP funding apportionments.

Extends through May 31, 2011, the authority of the Secretary of Transportation to make new AIP grants.

(Sec. 5) Extends until June 1, 2011: (1) the pilot program for passenger facility fee authorizations at non-hub airports, and (2) disclosure requirements for large and medium hub airports applying for AIP grants.

Directs the Secretary to extend through May 31, 2011, the termination date of insurance coverage for domestic or foreign-flag aircraft. Grants the Secretary discretionary authority to further extend such coverage through August 31, 201. Extends through August 31, 2011, the authority of the Secretary to limit air carrier liability for claims arising out of acts of terrorism.

Extends through May 31, 2011: (1) grant eligibility for airports located in the Marshall Islands, Micronesia, and Palau; (2) grants to state and local governments for land use compatibility projects under the AIP; and (3) authority for approving an application of the Metropolitan Washington Airports Authority for an airport development grant or for permission to impose a passenger facility fee.

Amends the Vision 100 - Century of Aviation Reauthorization Act to extend through May 31, 2011: (1) the temporary increase to 95% of the federal government's share of certain AIP project costs, and (2) funding for airport development at Midway Island Airport.