An Act to amend the Regional Rail Reorganization Act of 1973 to authorize additional appropriations for the United States Railway Association, and for other purposes.

(Reported to Senate from the Committee on Commerce with amendment, S. Rept. 94-1194)

Amends the Regional Rail Reorganization Act of 1973 to authorize appropriations in an amount not to exceed $20,000,000 to the United States Railway Association for the period beginning May 1, 1976, and ending September 30, 1977, for the purpose of carrying out the Association's administrative expenses. Makes such sums available through September 30, 1978.

Exempts from liability the Board, the officers and the corporate entity of ConRail for transferring property pursuant to the final system plan to meet the needs of commuter or intercity rail passenger service.

Extends the deficiency judgment protection provided by the Regional Rail Reorganization Act to cover the possible actions the special court could take with respect to the properties designated in the final system plan.

Revises the option periods with respect to the acquisition on behalf of a State of specified rail properties.

Declares that the exemption from specified transfers of property and other local taxes provided by such Act applies to all the properties transferred and all the transfers of those properties contemplated by the final system plan.