The "Supersonic Aviation Modernization Act" will allow civil supersonic flight in the national airspace system under specific conditions. Within one year of enactment, the Administrator of the Federal Aviation Administration must issue or revise regulations to allow supersonic flight without special authorization, provided no sonic boom reaches the ground. By April 1, 2027, the Administrator will establish noise standards for these aircraft approaching or exceeding those for subsonic planes. The bill also mandates a process for revising the standards to incorporate advancements in noise reduction technology.