A bill to provide for the transfer of the Alaska Railroad to the State of Alaska, and for other purposes.

Sets forth the findings of Congress in regard to the transfer of the Alaska Railroad to the State of Alaska.

Directs the Secretary of Transportation to transfer, without direct monetary consideration, the rail properties of the Alaska Railroad to the State of Alaska. Lists conditions that must be met before such transfer may be made. Terminates the Secretary's authority if he has not certified that the State has satisfied such conditions within one year from the date of enactment of this Act. Authorizes the Secretary to dispose of such properties if such certification has not been made.

Requires that the Secretary and the State, within six months of the date of enactment of this Act, enter into a closing agreement that describes in detail the rail properties to be transferred under this Act.

Revokes claims for such rail properties under any Federal law other than this Act for which title has not vested with the claimant. Excludes certain properties from the provisions of specified Acts.

Describes the employment status of Alaska Railroad employees who transfer to the State under this Act.

Directs the President to approve any application by the State or any buyer or transferee of the railroad for the extension of the existing railroad system to the Yukon River and to the international border between Alaska and Canada.

Declares that, after the transfer directed by this Act, the State-owned railroad shall be a rail carrier engaged in interstate and foreign commerce subject to the jurisdiction of the Interstate Commerce Commission. Authorizes the Commission to exempt the State from applicable requirements of the Interstate Commerce Act.

Provides for the reversion of such properties to the United States if all or part of them have been converted to a use that would adversely affect railroad operations. Sets forth provisions for rail properties within the boundaries of the Denali National Park and Preserve.

Directs the Secretary to transfer, for no direct monetary consideration, to the city of Nenana, Alaska, all right, title, and interest of the United States to the Yukon River Barge Service.