Local Rail Service Amendments

[AI summary unavailable — showing source text] Local Rail Service Amendments - Revises the Regional Rail Reorganization Act in order to provide procedures for reviewing decisions with respect to local service lines not presently designated as part of the Consolidated Rail Corporation. Provides for branch line decisions which will be based on costs and operating characteristics of the Corporation rather than those of a bankrupt carrier. Makes branch line decisions reflect service frequency levels negotiated by users and carriers. Requires the Consolidated Rail Corporation to establish branch-specific cost accounts for all lines, permitting more accurate cost estimates to be anticipated on lines for which subsidies will be offered. Permits determination of revenue received by the Consolidated Rail Corporation rather than by a bankrupt carrier for traffic generated on each line. Provides specified States in the New England, Mid-Atlantic and Midwestern region with financial assistance and additional time in which to perform the comprehensive analyses required to develop State rail plans.…