Reforming, Accelerating, and Protecting Interstate Design (RAPID) Act - Authorizes a State transportation department or local transportation agency to award a multimodal transportation project that is located within the boundaries of a donor State (a State that receives a percentage of Highway Trust Fund apportionments and allocations that is less than the percentage attributable to tax payments from highway users in that State), that is within a network of interconnected corridors, that is privately financed, and that contains multiple transportation modes (including highway and rail and utility corridors), using any procurement process permitted by applicable State and local law.
Allows a donor State to authorize a consultant under a contract for such a project to prepare an environmental impact assessment relating to a segment of the project of less than independent utility and without logical termini.
Increases the Federal cost share of certain activities carried out within a donor State. Makes a limitation on the use of toll revenues inapplicable to a donor State.
Allows the total amount of funds paid from the Highway Account to a State for construction of a highway, bridge, or tunnel within the boundaries of that State to be repaid to the Secretary of Transportation.