Corridor Development Act

Corridor Development Act - States that Congress finds that special legislation is necessary to effectuate the orderly and timely implementation of improved high-speed railway passengers service in the Northeast corridor. Establishes the Corridor Development Corporation, to be directed by a Board of Commissioners. Sets forth the powers and duties of the Corporation.

Directs the Corporation to: (1) develop and apply an equitable formula for fully allocating all of the costs incurred by it in the discharge of its responsibilities under this Act; (2) implement the corridor development plan as approved by the construction manager and the Board of Commissioners; and (3) make available to the Secretary of Transportation such reports as he requests regarding implementation of the corridor development plan.

Exempts from State taxation any real or personal property of the Corporation. Stipulates that the National Environmental Policy Act shall not apply to the activities of the Corporation.

Authorizes the Corporation to issue bonds and other obligations necessary to acquire Northeast corridor properties, up to $1,000,000,000, and to borrow on short-term notes to meet operating expenses.

Permits the Corporation to make grants to States for up to 80 percent of the total costs of projects to develop and renovate existing properties.

Authorizes appropriations of sums necessary, up to $50,000,000, to carry out the purposes of this Act.