MEGA RED TRANS Act

Maximum Economic Growth for America through Investment in Rural, Elderly, and Disabled Transit Act (or the MEGA RED TRANS Act) - Amends Federal transportation law to set forth certain minimum funding levels of amounts made available from the Mass Transit Account of the Highway Trust Fund for: (1) formula grants and loans to States to provide mass transportation services to elderly individuals and individuals with disabilities and in non-urbanized areas; and (2) block grants to States for mass transportation service projects in urbanized areas with a population of less than 200,000.

Establishes an essential bus service program under which States provide essential bus service between rural areas and primary airports, and between rural areas and stations for intercity passenger rail service, and appropriate intermediate or nearby points.

Sets forth certain requirements regarding the Federal share of eligible project costs or eligible operating costs with respect to funds distributed for transit projects after FY 2004.

Amends the Internal Revenue Code to require interest that is accrued on balances in the Mass Transit Account of the Highway Trust Fund to be credited to such account.