Connecticut airport and aviation account

(a) There is established an account to be known as the “Connecticut airport and aviation account” which shall be a separate, nonlapsing account within the Grants and Restricted Accounts Fund established pursuant to section 4-31c. The account shall contain any moneys required by law to be deposited in the account. Moneys in the account shall be expended by the executive director of the Connecticut Airport Authority, with the approval of the Secretary of the Office of Policy and Management, for airport and aviation-related purposes, provided one million dollars in said account shall be expended each fiscal year by said executive director to be used by Tweed-New Haven Airport for noise mitigation purposes in accordance with Federal Aviation Regulations. (b) (1) Notwithstanding the provisions of section 13b-61a, on and after October 31, 2017, the Commissioner of Revenue Services shall deposit into said account seventy-five and three-tenths per cent of the amounts received by the state from aviation fuel sources from the tax imposed under section 12-587. (2) On and after July 1, 2025, the Commissioner of Revenue Services shall deposit into said account one hundred per cent of the amounts received by the state from the tax imposed under section 12-477aa.