Railroad Safety and Positive Train Control Extension Act - Revises the railroad safety risk reduction program.
Extends from December 31, 2015, to December 31, 2020, the deadline for submission to the Secretary of Transportation (DOT) by each Class I railroad carrier and each entity providing regularly scheduled intercity or commuter rail passenger transportation of a plan for implementing a positive train control (PTC) system on certain of its tracks.
Authorizes the Secretary to extend the implementation deadline, upon application, in one-year increments, if specified circumstances exist.
Directs the Secretary to revise federal regulations requiring a Class II or III railroad (including a tourist or excursion railroad) to equip its locomotives with an onboard PTC system to operate in PTC territory.
Extends for five years the time for such railroad to meet the deadline for equipping its locomotives with a PTC system.