Transit Rail Access Improvement and Needs Act for the 21st Century

Transit Rail Access Improvement and Needs Act for the 21st Century - Amends Federal transportation law to provide that if, after negotiation, a mass transportation authority cannot reach agreement with a rail carrier to use the carrier's trackage, and have related services provided, for fixed guideway transportation purposes, the Surface Transportation Board shall, upon the authority's or the carrier's application, and if necessary or useful: (1) order that the trackage be made available and the related services provided to the authority; and (2) prescribe reasonable terms and compensation, based upon the carrier's incremental cost of providing such trackage and services.

Authorizes the mass transportation authority or the rail carrier to apply to the Board for an order establishing reasonable terms for the operation of additional trains by or for the authority over a rail line of the carrier, when the carrier and the authority cannot agree to terms.

Authorizes a mass transportation authority, after notice to the rail carrier and a sufficient period for maintenance improvements, to apply to the Board for an order requiring the carrier to provide increased or improved maintenance on the trackage if the authority believes that maintenance on trackage operated by or for the authority has fallen below a safe or necessary level.

Authorizes a mass transportation authority to apply to the Board for an order requiring the rail carrier to allow accelerated speeds and related improvements if the rail carrier refuses to allow them.

Declares that, except in an emergency, fixed guideway transportation provided by or for a mass transportation authority pursuant to an order issued under this Act has preference over freight transportation in using a rail line, junction, or crossing, unless the Board orders otherwise.

Declares that if, after negotiation, a mass transportation authority cannot reach agreement with a rail carrier to acquire an interest in a railroad right-of-way for the construction and operation of a segregated fixed guideway facility, the authority may apply to the Board for an order requiring the carrier to convey an interest to the authority.