Railroad Revenue Act

Railroad Revenue Act - Title I: Findings, Purposes, and Definitions - Expresses the findings of Congress and declares the purposes of this Act, including to organize a nonprofit corporation to acquire, rehabilitate, and modernize, the rail lines. Defines the terms used in this Act.

Title II: Interstate Railroad System - Requires every rail carrier to provide the Secretary of Transportation, the Rail Services Planning Office, and the Interstate Railroad Corporation with specified information on time tables, slow orders, restrictions, and speeds authorized on every rail line for freight and passenger trains at all times since January 1, 1935.

Provides that the initial Interstate Railroad System shall consist of all rail lines operated within the United States by domestic railroad companies which as of the date of enactment of this Act are subject to traffic usage of at least 10 million gross ton-miles per year per mile of rail line.

Provides for hearings and recommendations by the Interstate Commerce Commission on the System, and subsequently, for final designation of such System.

Requires the prescribing of maintenance standards for the System. Enumerates procedures for modification of the System.

States that within two years after enactment of this Act the Secretary and the Corps of Engineers, United States Army, shall jointly carry out a study of the long-term capital needs for modernization and major upgrading of the Interstate Railroad System, including high density passenger corridors.

Title III: Interstate Railroad Corporation - Authorizes to be created an Interstate Railroad Corporation to rehabilitate, maintain, and modernize the rail lines of the Interstate Railroad System so as to develop the potential of modern rail service in meeting the transportation requirements of the Nation. Sets forth the processes of organization, board of directors, general powers, and bookkeeping, recordkeeping and reporting aspects of the Corporation.

Title IV: Acquisition, Rehabilitation, and Maintenance of Rail Lines by Corporation and States - Provides for the conveyance of rights, titles and interest in rail lines to the Corporation.

Authorizes to be appropriated during each fiscal year for payment by the Secretary of the Treasury to State and local governments an amount equivalent to the State and local property taxes which railroad companies are relieved of responsibility for payment of in accordance with the provisions of this Act.

Sets forth Corporation responsibilities with respect to operations of the rail lines, liability, operations of rail freight carriers, and operations of rail passenger carriers.

Provides that rail carriers operating over rail lines of the Corporation or any State shall pay to the Corporation or State, a user charge of $1 per thousand gross ton-miles of locomotive and train operation.

Authorizes to be appropriated to the Secretary during each of the six fiscal years following enactment of this Act such sums as may be necessary to be disbursed in accordance with an application by the Corporation or any State for the following purposes: (1) rehabilitation of Corporation rail lines; and (2) rehabilitation of State rail lines in accordance with the Federal Railroad Safety Act of 1970.

Establishes a State maintenance assistance fund.

Title V: Maintenance of and Access to Rail Lines of Railroad Companies - Provides for the maintenance of rail lines in accordance with standards issued under this Act. Provides for access to rail lines under provisions of the Interstate Commerce Act.

Title VI: Protection of Employees - Provides for a contracting out limitation on rehabilitation or maintenance work. Provides for a guarantee of the prevailing wage for projects financed under this Act. Requires protective arrangements in specified transactions.

Title VII: Oversight and Enforcement - Imposes penalties for violations of the provisions of this Act.

Authorizes to be appropriated to the Secretary such sums as are necessary for administration and enforcement of this Act, not to exceed $10,000,000 in any one fiscal year.

Title VIII: Railroad Rehabilitation Fund - Imposes, under the Internal Revenue Code, upon the amount paid for the transportation of property within the United States by rail, motor vehicle, or water, a tax equal to 1 percent of the amount so paid.

Title IX: Miscellaneous Provisions - Sets forth antitrust, evidential and separability provisions.