Passenger Rail Investment and Improvement Act of 2005

[AI summary unavailable — showing source text] Passenger Rail Investment and Improvement Act of 2005 - Authorizes appropriations for FY2006-FY2011 for: (1) Amtrak capital and operating grants, including state capital grants; (2) the Federal Railroad Administration; (3) Amtrak repayment of long-term debt and capital leases; (4) excess Amtrak railroad retirement payments to the Railroad Retirement Account; (5) the rail cooperative research program; and (6) grants to Amtrak and states participating in the Next Generation Corridor Train Equipment Pool Committee. Amends federal transportation law to make certain Amtrak reforms and operational improvements, including: (1) state funding of Amtrak rail routes; (2) establishment of improved financial accounting system; (3) development of a five-year financial plan; (4) improvement of passenger train performance; (5) establishment of an alternative passenger rail service program; (6) employee transition assistance; and (7) development of a Northeast Corridor state-of-good-repair plan. Authorizes the Secretary of Transportation to make grants to an applicant state, Interstate Compact, or public agency to assist in financing the capital costs of facilities and equipment necessary to provid…