A bill to amend the Urban Mass Transportation Act of 1964 to authorize financial assistance for emergency rail passenger service operating assistance.

(Reported to House from the Committee on Public Works and Transportation with amendment, H. Rept. 94-728)

Directs the Secretary of Transportation, under the Urban Mass Transportation Act, to provide financial assistance to States and local bodies and agencies thereof for the purpose of reimbursing any person who furnishes commuter rail passenger service for a State or local public body or agency for the period between February 27, 1976, and August 30, 1976.

Directs the Interstate Commerce Commission to issue regulations for the computation of subsidies for commuter rail passenger service. Requires that such regulations include that the continuation subsidies cover the net avoidable operating loss and a reasonable return on the value of properties required by such service.

Requires State and local bodies to continue to provide the same level of financial support in order to qualify for assistance under this Act.

Authorizes the Secretary to incur obligations on behalf of the United States in an aggregate amount not to exceed $125,000,000. Authorizes to be appropriated for liquidation of the obligations incurred under this Act not to exceed $40,000,000 for the transition period of fiscal year 1976, $95,000,000 for fiscal year 1977, and $125,000,000 for fiscal year 1978.