Supersonic Aviation Modernization ActThis bill directs the Federal Aviation Administration (FAA) to allow civil aircraft to operate at speeds above Mach 1 (i.e., supersonic) over land in the United States under certain conditions. Specifically, the FAA must issue or revise regulations to allow for the operation of civil aircraft at speeds greater than Mach 1 in the national airspace system without a special authorization, so long as no sonic boom reaches the ground in the United States.The FAA must also issue a final rule to establish noise standards that prohibit civil aircraft operating at speeds greater than Mach 1 from exceeding takeoff and landing noise levels required for subsonic aircraft (i.e., aircraft that operate at speeds that do not exceed Mach 1). As part of the rule, the FAA must specify a process to periodically review and update the noise standards to reflect future advances in aircraft noise reduction technology and regulatory changes.Current regulations prohibit civil aircraft from operating above Mach 1 speeds over land in the United States without a special flight authorization issued by the FAA.