Magnetic Levitation (MAGLEV) Transportation Technology Deployment Act of 1997

Magnetic Levitation (MAGLEV) Transportation Technology Deployment Act of 1997 - Declares that it is U.S. policy to establish a MAGLEV transportation technology system (i.e., a transportation system employing magnetic levitation that would be capable of safe use by the public at a speed in excess of 240 miles per hour) operating along Federal-aid highways and other rights-of-way as part of a national transportation system.

Amends Federal transportation law to direct the Secretary of Transportation to: (1) establish a High-Speed Ground Transportation Office in the Federal Railroad Administration to coordinate and administer all authorized high-speed rail and MAGLEV programs, to make available financial assistance to provide the Federal share of full project costs of eligible projects selected, and to otherwise carry out this Act; and (2) solicit applications from States, or authorities designated by one or more States, for financial assistance authorized for planning, design, and construction of eligible MAGLEV projects.

Sets forth provisions regarding the Federal share, authorized uses of assistance, and project eligibility.

Directs the Secretary to establish criteria for selecting eligible projects, to evaluate the projects, and to select projects to receive financial assistance.

Sets forth provisions regarding joint ventures.

Directs the Secretary to conduct research regarding the quantification of benefits derived from the implementation of MAGLEV technology, MAGLEV safety, and the development of domestic MAGLEV technologies and technologies associated with MAGLEV infrastructure.

Sets forth reporting requirements. Authorizes appropriations from the Highway Trust Fund to carry out this Act. Specifies that, for the purpose of obtaining tax-exempt bond financing under the Internal Revenue Code, a MAGLEV facility shall be considered to be a high-speed intercity rail facility with an average speed greater than 150 miles per hour.