The "Aircraft Noise Reduction Act" empowers owners and operators of general aviation airports to implement aircraft noise limitations. It directs the Federal Aviation Administration (FAA) to consult with these airports, upon request, to make reasonable adjustments to air traffic and training patterns for noncommercial charter flights, ensuring these adjustments comply with existing laws. A key provision requires both airport operators and the FAA to consider input from surrounding communities when establishing noise accommodations, while also protecting general aviation airports from losing federal funding solely due to their noise abatement activities. Additionally, the bill mandates the Secretary of Transportation to update regulations to facilitate effective noise abatement measures, though the FAA Administrator can restrict accommodations during emergencies.