A bill to amend the Interstate Commerce Act to provide financial assistance to common carriers by railroad to cover the cost of operation and rehabilitation of certain lands.

Amends the Interstate Commerce Act to direct the Administrator of the Federal Railroad Administration to provide financial assistance to railroads to cover rehabilitation and operation costs for unprofitable railroad lines when the Interstate Commerce Commission finds that the public convenience and necessity does not permit the abandonment or discontinuance of such a line.

Stipulates that such assistance shall be available for a five year period. Sets forth the Federal share for such operation and rehabilitation costs during this period.

Authorizes appropriations of $20,000,000 for each of the fiscal years 1978 through 1992 to carry out such program.