Aircraft Noise Reduction Act This bill authorizes owners or operators of general aviation airports to implement aircraft noise restrictions, including (1) restricting the number and type of aircraft that can operate at their airports, and (2) setting date and time limitations for such operations. The bill prohibits withholding or withdrawing federal funds from airports that choose to implement noise restrictions. The Department of Transportation may restrict the authority of airport owners or operators to impose noise restrictions in the case of an emergency.