Local Rail Services Act

Local Rail Services Act - Restricts the termination of rail service over all or a portion of a line of railroad by carriers by railroad covered by the Interstate Commerce Act. Prohibits such rail service termination unless and until the Interstate Commerce Commission has issued a certificate declaring that the present or future public covenience and necessity permit such termination.

Authorizes carriers by railroad, under conditions set forth in this Act, to enter into contracts for the joint ownership or joint use of spur, industrial, team, switching, or side tracks.

Requires the Interstate Commerce Commission, in its actions requiring carriers by railroad to provide adequate and efficient facilities for the performance of car service, to consider the expense involved therein.

Requires carriers by railroad to submit to the Commission full and complete diagrams of their transportation systems. Requires that such diagrams identify any line of railroad which a carrier plans to seek authority to abandon or over which it plans to terminate service.

Authorizes the provision of Federal financial assistance to eligible States for the purpose of rail service assistance. Limits the Federal share of such assistance to 70 percent of the total. Requires that States receiving such assistance under this Act establish suitable State rail transportation plans. Sets forth other requirements as to financial control and performance evaluation for purposes of a States' eligibility.

Authorizes the appropriation of such sums as are necessary, up to $100,000,000 for each of the eight fiscal years including and following the date of enactment of this Act, to carry out this Act.