High-Speed Rail Authority Development and Formation Act - Establishes within the Department of Transportation (DOT) the National High-Speed Rail Authority (Authority), which shall be headed by an Administrator. Declares that the Authority's mission shall be to encourage and assist in the establishment of high-speed rail systems in the United States.
Establishes in the Authority: (1) a Policy Advisory Committee; (2) an Office of Administration; and (3) an Office of Policy, Research, and Development. Establishes within the Office of Administration a Design/Build/Operate Division, a Right-Of-Way Acquisition Division, the position of General Counsel, and an Office of Venture Capital.
Authorizes the Administrator, based on certain criteria, to solicit the development of certain technologies that will contribute to the development of high-speed rail transportation.
Requires that priority be given to certain designated High-Speed Rail Corridors in allocating federal funds to construct high-speed rail systems.