A bill to amend the Urban Mass Transportation Act of 1964 relating to emergency rail passenger service.

Title I: Directs the Secretary of Transportation to provide financial assistance to States and local bodies and agencies for the purpose of reimbursing the Consolidated Rail Corporation for providing rail passenger service during the 180-day period following the date of conveyance of rail properties pursuant to the Regional Rail Reorganization Act, and for defraying the additional costs of rail passenger service incurred by such States and local bodies and agencies thereof for the payment of rail passenger continuation subsidies.

Stipulates that the Federal share of assistance may not exceed one-half the total cost. States that in order to finance assistance under this Act, the Secretary may incur obligations on behalf of the United States in the form of grants, contract agreements, on otherwise, in an aggregate amount not to exceed $125,000,000. Authorizes appropriations of specified sums to liquidate the obligations so incurred.

Title II: Requires the Corporation to provide rail passenger service for a period of 180 days following the date of conveyance on all rail properties on which such service was being provided by the railroads in reorganization immediately prior to the date of conveyance, regardless of whether such properties are designated for inclusion in or exclusion from the final system plan, except on rail properties on which such service is provided by the National Railroad Passenger Corporation.