Establishes an essential bus service program under which States provide essential bus service between rural areas and primary airports, and between rural areas and stations for intercity passenger rail service, and appropriate intermediate or nearby points.
Sets forth certain requirements regarding the Federal share of eligible project costs or eligible operating costs with respect to funds distributed for transit projects after FY 2004.
Amends the Internal Revenue Code to require interest that is accrued on balances in the Mass Transit Account of the Highway Trust Fund to be credited to such account.