A bill to provide preemptive option and financial assistance to States to purchase abandoned rail lines for transportation and utility purposes.

Stipulates that as a condition to the abandonment of any railroad line, the owner of such railroad line must give the State in which the line is located a preemptive option to purchase the line during a one year period for transportation and public utility purposes. Stipulates that acquisitions of such lines shall be projects eligible for grants under current Federal financial assistance programs for transportation and public utility purposes.