Emergency Rural and Small Railroad Preservation Act

[AI summary unavailable — showing source text] Emergency Rural and Small Railroad Preservation Act - Directs the Secretary of Transportation to establish a program in which grants are allocated upon the application of State and local governments, government-sponsored authorities and corporations, and Class II and III freight railroads to upgrade track and bridges to accommodate 286,000 pound freight cars or promote essential service and enhance safety. Directs the Secretary to give priority to projects that are economically viable, and require a non-Federal matching contribution of at least ten percent. Amends the Internal Revenue Code to establish the Railroad Trust Fund consisting of amounts derived from taxes on trains to be used to carry out this Act.…