A bill to amend the Internal Revenue Code of 1954 to make the investment credit for railroad property refundable.

Amends the Internal Revenue Code to remove the limitation on amounts of the investment tax credit which are attributable to application of the regular percentage to qualified investment in railroad property owned by a domestic common carrier. Provides for the refundability of such credit.

Requires the maintenance of a separate account for amounts received as credit refunds. Limits withdrawals from such accounts to amounts used for maintenance, improvement, or acquisition of property or payment of the railroad retirement tax.

Requires the Secretary of the Treasury to reserve amounts received pursuant to imposition of the windfall profit tax equal to the decrease in revenues attributable to this Act.

Authorizes appropriations to carry out the purposes of this Act.