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

Transit Rail Accommodation Improvement and Needs Act for the 21st Century - Amends Federal rail transportation law with respect to a situation where, after negotiation, a mass transportation authority cannot reach agreement with a rail carrier to use its trackage, and have it provide related services, for fixed guideway transportation. Requires the Surface Transportation Board, upon application by the authority or the carrier, and if necessary or useful, to: (1) order the trackage be made available and related services be provided to the mass transportation authority; and (2) prescribe reasonable terms and compensation for use of the trackage and the related services.

Authorizes the mass transportation authority, when it cannot reach agreement with the rail carrier, to apply to the Board for an order requiring the carrier to: (1) establish terms for operation of additional trains the authority requests; (2) provide increased or improved maintenance or related capital work on trackage to maintain reliable service at speeds necessary to provide convenient and efficient mass transportation; (3) allow accelerated speeds and related capital work required to permit operation at accelerated speeds; and (4) convey an interest in a railroad right-of-way for the construction and operation of a segregated fixed guideway facility to the authority.

Revises rail transportation policy to declare it is U.S. policy to encourage and promote the operation of safe, efficient, and reliable commuter rail passenger service and other fixed guideway transportation systems, including operations where the service will share lines, corridors, or other facilities with freight railroads or with intercity rail passenger service.