Rail Passenger Service Improvement Act of 1980

Rail Passenger Service Improvement Act of 1980 - Amends the Rail Passenger Service Act to require the establishment of standards of ontime performance for National Railroad Passenger Corporation (Amtrak) trains which travel over the lines of other railroads. Sets forth penalties to be paid by the railroads which own such lines for failure to meet such standards. Defines "ontime performance" for the purposes of this Act.

Directs the Secretary of Transportation to establish the most expeditious schedules possible for any route of which a portion is maintained or improved through the use of Federal financial assistance. Directs that the requirements of this Act be incorporated in an operating and compensation arrangement covering the operation of trains for Amtrak as established by the Interstate Commerce Commission under such Act.

Declares that nothing contained in this Act shall preclude or supercede an agreement between Amtrak and a railroad for payment of specified incentives for ontime operation of Amtrak trains.

Excludes from the provisions of this Act the operation of a train which is governed by specified contractual provisions.

Directs the Federal Railway Administration (FRA) to determine, in prescribed terms and within specified time parameters, the condition and degree of deterioration of tracks over which scheduled Amtrak service is operated. Directs the FRA to order the owning railroad, at its own expense, to repair deteriorated track to the condition which existed on November 1, 1979, or to a specified higher condition. Sets forth civil penalties for failure to comply with such order.

Directs the Secretary, under specified conditions, to order a railroad within 60 days to permit or provide requested operation of Amtrak trains over such railroad's lines on schedules based upon the fastest legally permissible operating speeds.

Directs the Secretary, in establishing such scheduled running times, to consider the statutory goal that Amtrak shall implement schedules which will attain a systemwide average speed of at least 55 miles per hour. Prescribes that the compensation payable by Amtrak to such railroad shall be established pursuant to an agreement between Amtrak and such railroad, or, alternatively, by the Commission.

Directs the conductor of every Amtrak train to identify and log the incidence and cause of each delay of more than five minutes in each trip of such trains. Allows authorized Amtrak representatives access to such logs. Sets forth criminal penalties for willful destruction or falsification of such logs.

Directs the Secretary to revise or eliminate specified speed restrictions imposed by a State or a political subdivision thereof upon trains operating through or within such State. Sets forth guidelines under which the Secretary shall make such review.

Amends the Internal Revenue Code to entitle railroads which make improvements to their rail lines and associated facilities for use by Amtrak to a ten percent tax credit. Prescribes methods by which such credit shall be calculated. Allows such railroads to carryback or carryover such credit for a specified period.

Directs the Secretary of the Treasury to promulgate regulations defining: (1) the rail lines and associated facilities; (2) the improvements; and (3) the expenditures which qualify for such credit.