National Capital Airports Corporation Act - Title I: National Capital Airports Corporation - Creates a federally-owned corporation under the direction of the Secretary of Transportation (the Secretary) known as the National Capital Airports Corporation (the Corporation). Grants such Corporation control and responsibility for the Metropolitan Washington Airports (Washington National Airport and Washington Dulles International Airport). Establishes the Advisory Board of the National Capital Airports Corporation to review Corporation policies and to advise the Secretary and the General Manager of the Corporation. Title II: Operation of the Metropolitan Washington Airports - Transfers to the Corporation: (1) the real property constituting the Metropolitan Washington Airports; (2) all functions of the Secretary and the Administrator of the Federal Aviation Administration relating to such airports; and (3) the personnel and assets of such airports. Prohibits the Corporation from: (1) increasing or decreasing the number of instrument flight rule take-offs and landings permitted for air carriers at Washington National Airport on the date of enactment of this Act (except for safety reasons); and (2) imposing a limitation after such date on the number of passenger arrivals or departures at such airport. Authorizes the Corporation to impose a specified minimum landing fee for general aviation aircraft. Prohibits revenues derived from automobile parking and certain aircraft operation charges at one airport from being used for maintenance or operating expenses at the other. Expresses the sense of the Congress that the Corporation should: (1) pursue improvement, construction, and rehabilitation of the Metropolitan Washington Airports; and (2) to the extent practicable, cause improvements which have been proposed before the date of enactment of this Act to be completed within five years after the earliest date on which the Corporation issues bonds. Establishes the National Capital Airports Fund to be available to the Corporation to pay all incurred expenses. Prohibits the Corporation from using funds for capital projects or new activities not included in its required annual budget program. Requires the Corporation to pay into the Treasury's general fund $400,000,000, plus interest at 4.905 percent, in equal annual installments over 35 years. Places limitations upon the amount of funds the Corporation is authorized to borrow. States the Corporation may require the Secretary of the Treasury to purchase specified amounts of Corporation obligations. Amends the Airport and Airway Improvement Act of 1982 to: (1) make the Corporation eligible for Federal assistance; and (2) limit the discretionary grants that may be conferred upon either of the Washington Metropolitan Airports. Sets a maximum fine and imprisonment for violations of rules promulgated by the Corporation General Manager. Confers the power of arrest upon any Corporation employee appointed to protect life and property in any area within the Metropolitan Washington Airports. Prohibits nonstop flights between Washington National Airport and another airport that is more than 1,000 statute miles away.