An act to establish a National Council on Public Works Improvement to prepare three annual reports on the state of the Nation's infrastructure, to amend the provisions of title 31, United States Code, relating to the President's budget to require it to separately identify and summarize the capital investment expenditures of the United States, and for other purposes.

(Conference report filed in House, H. Rept. 98-1134)

Title I: National Council on Public Works Improvement - Public Works Improvement Act of 1984 - Establishes the National Council on Public Works Improvement. Requires such Council, not later than February 15th of each year of 1986 - 1988, to report to the President and Congress on the state of the Nation's infrastructure (the Infrastructure Report). Requires each Infrastructure Report to include: (1) the age and condition of public works improvements and changes in their condition from preceding years; (2) the methods used to finance the construction, acquisition, rehabilitation, and maintenance of public works improvements; (3) any trends in methods used to finance such construction, acquisition, rehabilitation, and maintenance; (4) the capacity of public works improvements to sustain current and anticipated economic development and to support a sustained and expanding economy; (5) maintenance needs and projected expenditures for public works improvements; (6) a discussion of infrastructure program priorities; and (7) an analysis of public works improvements to be given to government agencies, public agencies, or units of State or local government. Requires the Council to make certain analyses and recommendations to the President and Congress by September 30, 1985. Requires the Council to convene for its first meeting no earlier than February 15 and no later than April 15 of 1985. Requires each Infrastructure Report submitted to Congress to be referred to the appropriate congressional committees. Establishes an advisory group to provide such assistance and advice as the Council may request.

Requires the Congressional Budget Office to review each Infrastructure Report and report the results of such review to the appropriate congressional committees within 90 days after each such report is submitted to Congress.

Directs the Council to terminate on April 15, 1988.

Authorizes appropriations to the Council for FY 1986 through 1988.

Title II: Federal Capital Investment Program - Federal Capital Investment Program Information Act of 1984 - Amends the Budget and Accounting Act, 1921, to require the President to include with each budget submitted on or after January 1, 1985, four summaries identifying requested appropriations or new obligation authority and outlays for each major program that may be classified as either a public civilian capital investment program or a military capital investment program.

Requires such summaries to: (1) estimate current service levels of public civilian capital investments and of military capital investments and alternative high and low levels of such investments over a period of ten years in current dollars and over a period of five years in constant dollars; (2) contain the most recent assessment analysis and summary of public civilian capital investment needs in each major program area over a period of ten years; (3) identify and analyze the principal policy issues that affect estimated public civilian capital investment needs for each major program; and (4) identify and analyze factors that affect estimated public civilian capital investment needs for each major program.

Declares that any appropriation, new obligational authority, or outlay shall be classified as: (1) a public civilian capital investment to the extent that such appropriation, authority, or outlay will be used for the construction, acquisition, or rehabilitation of any physical asset that is capable of being used to produce services or other benefits for a number of years; or (2) a military capital investment to the extent that such appropriation, authority, or outlay will be used for the construction, acquisition, or rehabilitation of any physical asset that is capable of being used to produce services or other benefits for purposes of national defense and security for a number of years.

Includes among public capital investments roadways or bridges, airports or airway facilities, mass transportation systems, wastewater treatment or related facilities, water resource projects, hospitals, resource recovery facilities, public buildings, space or communications facilities, railroads, and federally assisted housing.