Surface Transportation Act

Surface Transportation Act - Title I: Financial Assistance to Railroads - Rail Freight Transportation Improvement Act - Authorizes the Secretary of Transportation to guarantee any person against loss of principal and interest on securities, obligations (including rolling stock leases), or loans issued for the purpose of financing acquisitions or improvements specified in this Act. States that the maturity date of any security, obligation, or loan, including all extensions and renewals thereof, shall not be later than 20 years from its date of issuance, nor be later than the end of the useful life of any asset to be financed by the security, obligation, or loan.

Provides that the loan guarantees authorized by this Act may be made for the purpose of financing the acquisition, construction, maintenance, or development of the following railroad facilities and equipment: (1) track determined by the Secretary to be essential for present and future rail service needs; (2) structures and similar improvements; (3) railroad communications and power transmission systems; (4) signals; (5) terminal facility modernization and consolidation; and (6) new and rebuilt rolling stock.

Requires that before making any guarantees pursuant to this Act the Secretary must consider whether the prospective obligee is responsible and whether adequate provision will be made for servicing the obligation.

Creates within the Treasury a separate fund which shall be available to the Secretary without fiscal year limitation as a revolving fund for the purpose of this Act.

Authorizes to be appropriated to the fund from time to time such amounts as may be necessary to provide capital for the fund. Provides that all amounts received by the Secretary as payments, fees, and any other money, property, or assets acquired by him from his operations in connection with this section shall be deposited in the fund.

Requires that all guarantees, expenses, and payments pursuant to operations of the Secretary under this Act shall be paid from the fund.

Authorizes the Secretary to conduct research and development into the design of a national rolling stock management information system which, utilizing advanced computer and communication techniques, would be capable of locating and expediting the movement of rolling stock on a national basis. Directs the Secretary to study, in cooperation with the Interstate Commerce Commission and the railroads, the information, functions, and procedures necessary to provide efficient and expeditious car service on a national basis. Requires that, within 2 years from the date of of enactment of this Act, the Secretary shall report to the Congress his recommendations respecting the organization, development, funding, and implementation of any national system which he may design as a result of research and development.

Directs the Secretary to conduct a study respecting: (1) the costs to individual railroads of installing rolling stock management information systems compatible with a national system designed under this Act; and (2) the economic, safety, and service benefits to be derived from compatible systems. Requires that not later than 2 years from the date of enactment of this Act, the Secretary shall announce his recommendations for the installation of the systems by individual railroads.

Directs the Secretary of Transportation to conduct a study of the potential benefits of railroad electrification for high density rail lines in the United States, and to report the findings of such study to the Congress not later than 6 months after the date of enactment of this Act.

Authorizes to be appropriated $15,000,000 for the purpose of carrying out provisions of this Act, including the payment of necessary administrative expenses, to remain available until expended.

Title II: Provisions Relating to Discriminatory State Tax Practices - Provides, under the Interstate Commerce Act, that any of the following actions by any State, or subdivision or agency thereof, whether any such action be taken pursuant to a constitutional provision, statute, or administrative order or practice, or otherwise, is declared to constitute an unreasonable and unjust discrimination against, and an undue burden upon, interstate commerce and is forbidden and declared to be unlawful: (1) the property tax assessment of transportation property of any common or contract carrier at a value which bears a higher ratio to the true market value of such transportation property than the assessed value of all other commercial and industrial property bears to the true market value of all such other commercial and industrial property; (2) the collection of any tax on the portion of such assessment so declared to be unlawful; (3) the collection of any ad valorem property tax on such transportation property at a tax rate higher than the tax rate generally applicable to commercial and industrial property in the taxing district; and (4) the imposition of any other tax which results in discriminatory treatment of a common or contract carrier subject to such Act.

Declares it to be unlawful: (1) to assess such transportation property at a value which bears a higher ratio to the true market value of such transportation property than the assessed value of all other property (located in the assessment jurisdiction in which is included such taxing district and subject to a property tax levy) bears to the true market value of all such other property; or (2) to collect any ad valorem property tax on such transportation property at a tax rate higher than the tax rate generally applicable to taxable property in the taxing district.

Grants to the district courts of the United States the jurisdiction to issue such writs of injunction or other property process as may be necessary to restrain any State, or subdivision or agency thereof, or any person, from doing anything or performing any act declared by this Act to be unlawful, except that such jurisdiction shall not be exclusive of that which any Federal or State court may otherwise have.

Title III: Provisions Relating to Competitive Equity - Competitive Equity Act - Directs the Interstate Commerce Commission to investigate and identify traffics which are moving at rates below the variable costs, as determined by the Commission, incurred in handling the traffics to which such rates apply and, within procedures established under this Act, cause such rates to be promptly brought to at least such variable costs.

Requires that with respect to railroads, express companies, and sleeping car companies the Commission shall develop, promulgate, and maintain reasonable standards and procedures for the determination and establishment of revenue levels adequate under honest, economical, and efficient management, to cover total operating expenses and a fair, reasonable, and economic profit or return on total capital prudently employed in such surface transportation business.

Directs the Interstate Commerce Commission to: (1) conduct investigations, based upon the identification and examination of such rates as are significant to such investigation, of the rate structure for the transportation of recycled materials by transportation carriers subject to its regulatory jurisdiction; (2) in all cases where the rate structure applicable to the transportation of recycled materials is found to be unreasonable or unjustly discriminatory, issue orders requiring the removal from such rate structure of such unjust discrimination or, in the case of interstate commerce, such unreasonableness; and (3) file annual reports with the President and the Congress on or before December 10 of each year and such final report as shall be appropriate to reflect all actions commenced or completed under this Act during the reporting period to eliminate unreasonable and unjustly discriminatory rates for the transportation of recycled materials.

Title IV: Agreements Between Carriers - Rate Bureau Modernization Act - Requires that, within 120 days after a rule, rate, or charge is docketed with a conference, bureau, committee, or other organization, established or continued pursuant to specified agreements approved by the Interstate Commerce Commission, such rule, rate, or charge shall finally be disposed of by said conference, bureau, committee, or other organization.

Requires that the Interstate Commerce Commission shall not approve under this Act any agreement which establishes a procedure for the determination of any matter through joint consideration unless it finds that under the agreement there is accorded to each party the free and unrestrained right to take independent action.

Directs the Commission, within 1 year after the date of enactment of this Act, to conduct a proceeding or proceedings, in which all interested parties may participate, to determine if any conference, bureau, committee, or other organization established by the Commission is preventing an efficient utilization of transportation resources or has established practices which are inconsistent with efficient, flexible, and economic operation.

Title V: Repeal of Discriminatory Government Rates - Sets standards for the regulation of rates covering the transportation of specified commodities exempt from economic regulation.

Title VI: Establishment of Uniform Cost Accounting - Authorizes the Interstate Commerce Commission to prescribe, after consultation with the Secretary of Transportation, a uniform system of accounts applicable to any class of carriers subject thereto, and a period of time within which such class shall have a uniform system of accounts, and the manner in which such accounts shall be kept.

Title VII: Interstate Commerce Commission Budget - Interstate Commerce Commission Budget Submission Act - Provides for the direct submission of the budget of the Interstate Commerce Commission by the President to the Congress on or before October 15 of each year and to be included in the budget without revision.

Title VIII: Miscellaneous - Makes it the intent of the Congress to encourage the purchase, acquisition, and efficient utilization of freight cars.