Exemption of jet fuel from certain taxes; regulatory authority.

(a) The General Assembly finds that:

(1) The annual economic impact of Georgia airports amounts to more than $62 billion per year;

(2) Direct flights out of Hartsfield-Jackson Atlanta International Airport alone have supported nearly $11 billion in foreign investment and 42,000 jobs across the state;

(3) Georgia’s sales and use tax levy on jet fuel amounts to the fourth highest tax burden on jet fuel among states with major airport hubs, placing Georgia at a competitive disadvantage compared with major airport hubs in Florida, New York, North Carolina, and Texas, among others; and

(4) The distribution of the proceeds of sales and use tax on jet fuel could jeopardize Georgia’s legal standing and compliance with federal aviation programs.