Transportation Improvement Act

Transportation Improvement Act - Provides that each rate for a service rendered or to be rendered in the transportation of passengers or property, or in connection therewith, shall be just and reasonable, and every unjust and unreasonable rate is prohibited and declared to be unlawful.

Directs the Interstate Commerce Commission, on a continuing basis, to investigate and identify traffic which is moving at a rate below the variable cost of handling the traffic to which the rate applies and cause the rate to be promptly raised at least to the variable cost level.

States that whenever all or any portion of a line of railroad, or the operation thereof, is abandoned by a railroad carrier in accordance with the provisions of this Act, any person may apply for a certificate of public convenience and necessity authorizing the applicant to operate as a common carrier over the route or routes necessary to provide service.

States that except as specifically authorized by another Act of Congress, a carrier by railroad subject to this part may not abandon all or any portion of a line of railroad or the operation thereof without first obtaining from the Commission a certification that the public convenience and necessity permits the abandonment.

Allows the Commission, within forty-five days after receiving notice of an abandonment, upon complaint of an aggrieved user, to institute an investigation of the abandonment. Permits the Commission to order continued operation of the line proposed to be abandoned if it determines that the public convenience and necessity requires continuation and finds that continued operation of the line will produce sufficient revenue to the applicant or applicants to cover the cost of operating the line.

States that if the Commission determines that the public convenience and necessity permit the abandonment of a line of railroad, or operation thereof, the Governor of any State or the authorized representative of any local governing authority in which all or a portion of the line is located, or the shippers or receivers of traffic over the line may, prior to the effective date of the Commission's order, notify the Commission and the railroad of their intention, individually or collectively, to provide an operating subsidy to the railroad to assure a continuation of service.

Prohibits the Commission from approving any agreement among railroad carriers that provides for or establishes procedures for joint consideration or other action protecting or otherwise seeking the suspension of any rate, fare, or charge pursuant to this Act when the rate, fare, or charge is established by independent action.

Grants the Commission exclusive authority, upon application to it, to determine and prescribe intrastate rates.

Directs the Commission to require the carrier to refund, with interest, to the persons in whose behalf the amounts were paid, that portion of an increased rate or charge found to be not justified, or that portion of a decreased rate or charge found to be justified.

Prohibits unreasonable and unjust discrimination by States in taxing transportation property.

Requires the Commission, on a continuing basis, to investigate and identify traffic which is moving at a rate below the variable cost of handling the traffic to which the rate applies and cause the rate to be promptly raised at least to the variable cost level.

Authorizes the Secretary, on such terms and conditions as he may prescribe, and with the approval of the Secretary of the Treasury, to guarantee any lender against loss of principal and interest on securities, obligations, or loans (including refinancing thereof) issued for the purpose of financing acquisition, construction, maintenance, or development or railroad facilities and equipment.

Creates in the Treasury a fund for such purposes and authorizes necessary appropriations to it.

States that the aggregate unpaid principal amount of such securities, obligations, or loans outstanding at any one time, which are guaranteed by the Secretary, may not exceed $2,000,000,000.

Authorizes the Secretary to conduct research and development into the design of a national rolling stock scheduling and control system which, utilizing advanced computer and communication techniques, would be capable of locating and expenditing the movement of rolling stock on a national basis.

Requires that, within two years from the date of enactment of this Act, the Secretary shall begin demonstrations to test the feasibility of, and the benefits to be derived from the installation of rolling stock scheduling and control systems (including technological innovations) in railroad yards and terminals.

Authorizes appropriation of $35,000,000 for such research and testing.