Railroad Improvement Act

[AI summary unavailable — showing source text] Railroad Improvement Act - Amends the Department of Transportation Act to revise the time periods during which Federal financial assistance will be available for rail service assistance programs. Stipulates that any in-kind benefits for rail service assistance programs which a State may provide for any period in excess of the State's share of project costs for that period shall be applied toward that State's share in any subsequent period. Stipulates that whenever the costs of an approved project exceed the amount of rail freight service assistance to which a State is entitled, the Secretary of Transportation is authorized to provide assistance in any subsequent period to cover the costs of such project. Revises the method of computing the amount of rail service assistance a State is entitled to receive. Makes projects eligible for rail service assistance under such Act if the revenues attributable to the line or railroad related to the project are below a specified level or if the line or railroad which is related to the project are subject to abandonment. Stipulates that eligibility for assistance for lines or railroads subject to abandonment shall be limited to projects which ha…