Passenger Rail Investment Reform Act - Amends Federal transportation law to require the restructuring of Amtrak into successor corporations named the Passenger Rail Service Provider (Provider) and the Passenger Rail Infrastructure Manager (Manager). Reorganizes the Board of Directors into a transition board, which shall prepare the restructuring plan.
Grants the Provider the exclusive right for three years to continue to provide intercity passenger rail service currently provided by Amtrak; but after three years only under a contract.
Grants the Manager the exclusive right for six years to continue to provide the dispatching, maintenance, and infrastructure services currently provided by Amtrak; but after six years only under a contract.
Authorizes the States and the District of Columbia that constitute the North East Corridor (NEC) to enter into a multistate North East Corridor Compact, subject to congressional approval, to provide passenger rail service and conduct related activities in the NEC. Establishes a North East Corridor Compact Commission to prepare such compact, which shall provide for full authority for 99 years to succeed to the responsibilities of Amtrak as NEC operator, subject to a 99-year lease from the Department of Transportation.
Prescribes general requirements of the compact to protect employee interests. Authorizes the Secretary of Transportation to develop a program for employee transition assistance.
Authorizes the Secretary, after the first fiscal year following enactment of this Act, to make grants for operating assistance, according to a specified formula, to reimburse operators of long-distance routes and corridor feeder routes for their intercity passenger rail operating expenses.
Specifies conditions and limitations on the availability of grants to Amtrak, including preparation of a capital spending plan, before its successor corporations are established and commence operations.
Prescribes procedures for redemption and disposition of Amtrak stock and the transfer of assets to the successor corporations and/or the Compact, as well as real estate, facilities, and secured debt.
Authorizes the Secretary to make grants to an applicant State, interstate compact, or public agency to assist in financing the capital costs of facilities and equipment necessary to provide intercity passenger rail transportation.
Authorizes interested States to enter into interstate compacts for corridor development.