Published at Friday, March 29th, 2019 - 11:40:31 AM. Type of airline. By Adeline Winkler.
Ultimately the federal government provided $4.6 billion in one-time subject-to-income-tax cash payments to 427 U.S. air carriers with no provision for repayment essentially a gift from the taxpayers. (Passenger carriers operating scheduled service received approximately $4 billion subject to tax.) 48 In addition the ATSB approved loan guarantees to six airlines totaling approximately $1.6 billion. Data from the U.S. Treasury Department show that the government recouped the $1.6 billion and a profit of $339 million from the fees interest and purchase of discounted airline stock associated with loan guarantees.
The regulation itself traces its origin to 1938 when Congress adopted the Civil Aeronautics Act. Its resultant five-member Civil Aeronautics Board (CAB) formed two years later in 1940 regulated fares authorized routes awarded subsidies and approved interline agreements among other functions.
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