Railroad Improvement Act

Railroad Improvement Act - Title I: Financial Assistance to Railroads - Rail Freight Transportation Improvement Act - Authorizes the Secretary of Transportation to guarantee loans for the purpose of financing the acquisition, construction, maintenance, or development of specified railroad facilities and equipment after a determination that the prospective obligee is responsible, will service the obligation, is attempting to upgrade and develop plant facilities and operations, and is a relatively sound business risk.

Creates within the Treasury a separate fund from which such guarantees are to be made. Authorizes to be appropriated the amounts necessary to capitalize the fund.

States that the aggregate amount of guarantees outstanding at any one time may not exceed $2,000,000,000.

Authorizes the Secretary to: (1) conduct research and development into the design of a national rolling stock management information system; (2) 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; and (3) study the potential benefits of railroad electrification along high density lines. Authorizes to be appropriated $15,000,000 for such research, development, and studies.

Title II: Provisions Relating to Discriminatory State Tax Practices - Authorizes Federal district courts to enjoin the collection of State taxes based on an assessment of railroad property the percentage of which exceeds by at least 5 percent the assessment percentage applied to all other property in the assessment jurisdiction.

Title III: Provisions Relating to Economic Regulation of Railroads - Railroad Regulatory Reform Act - Provides for the investigation by the Interstate Commerce Commission of compensatory rates below established minimums.

Directs the Commission to establish adequate revenue levels for railroads and to authorize interim rate level adjustments to maintain adequate revenue levels.

Provides for a hearing, after reasonable notice, concerning the lawfulness of specified practices within the jurisdiction of the Commission.

Requires the Commission to authorize increased rates shown to be necessary to compensate a carrier for the provision of a new type of service costing $1,000,000 or more.

Title IV: Agreements Between Railroad Carriers - Railroad Rate Bureau Modernization Act - Requires disposition of a rule, rate, or charge within 120 days of docketing of such with the appropriate body.

Directs the Commission to study rate bureaus to determine whether or not their practices are consistent with efficient, flexible, and economic operation of railroads.

Title V: Establishment of Uniform Cost Accounting - Authorizes the Commission to establish a uniform cost accounting system for railroads subject to the Interstate Commerce Act.

Title VI: Interstate Commerce Commission Budget - Interstate Commerce Commission Budget Submission Act - Directs the President to include the budget appropriation transmitted to him by Congress for the Interstate Commerce Commission in the Budget without revision.

Title VII: Miscellaneous - States that, in determining whether or not to permit abandonment, the Commission shall give primary weight to the needs of those served and the cost of continued operation to the railroad.