There is one summary for H.R.2992. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/20/2005)

True Reinvestment for Amtrak Infrastructure in the 21st Century Act - Amends federal transportation law to authorize appropriations for Amtrak for FY2006-2011 for: (1) capital expenditures and operating expenses; (2) certain mandatory payments; and (3) Amtrak's contractual obligations for commuter and state-supported passenger rail service.

Requires Amtrak to transmit annually to the Secretary of Transportation and Congress a comprehensive business plan, including targets for ridership and for each intercity train route (including Autotrain), revenues, and capital and operating expenses. Prohibits the use of amounts appropriated under this Act to subsidize operating losses of commuter rail passenger or rail freight transportation.

Requires rail infrastructure improvement projects financed by this Act to comply with specified employee labor standards, including the prevailing wage requirements of the Davis-Bacon Act.

Amends the Amtrak Reform and Accountability Act of 1997 to repeal establishment of the Amtrak Reform Council.

Establishes an Enhanced Rail Service Corridor Pilot Program to support certain corridor rail infrastructure projects undertaken by states or multi-state compacts, using funding provided through the Rail Infrastructure Finance Corporation (established by this Act).

Amends federal transportation law to authorize states to prepare and maintain a state rail plan that sets forth state policy involving freight and passenger rail transportation, including commuter rail operations.

Amends federal highway law to designate additional high-speed rail corridors as eligible for surface transportation funds for the elimination of hazards of railway-highway crossings.

Establishes a nonprofit and nonpolitical Rail Infrastructure Finance Corporation to provide financial support for certain rail infrastructure improvement projects through issuance of qualified rail infrastructure bonds. Establishes a Rail Infrastructure Finance Trust.

Amends the Internal Revenue Code to allow a tax credit to a holder of a qualified rail infrastructure bond.