Railroad Revitalization Act

[AI summary unavailable — showing source text] Railroad Revitalization Act - Prohibits the Interstate Commerce Commission from declaring a common carrier rate unlawful on the basis that it is too low. Requires railroads to notify the Governor of each affected State and users and potential users before initiating rail line abandonment proceedings with the Commission. Revises standards and procedures for such abandonment proceedings. Provides that the Commission shall have exclusive authority to determine intrastate rates if the State involved has not acted within 120 days upon a request by a railroad to change such rates. Places specified limitations upon the Commission's power to suspend railroad rate changes. Prohibits States from imposing discriminatory taxes upon railroads. Directs the Commission to issue regulations prescribing uniform cost and revenue accounting methods for railroads. Authorizes the Secretary of Transportation to guarantee loans made to railroads for financing the acquisition and maintenance of rail transportation facilities and equipment, up to an aggregate of $2,000,000,000. Authorizes the Secretary to require an applicant for financial assistance pursuant to this Act to enter into a merger or consolidat…