TX HB4662

Authorizes the Texas Department of Transportation to provide grants to rural rail transportation districts and shortline railroads (Class II or Class III railroads) for track or bridge replacement, rail capacity improvements, or rail restoration projects

Requires eligible projects to increase public safety, enhance economic development, or reduce traffic congestion on public roadways

Allows grant recipients to use state grant funds as matching funds to secure federal funding for eligible rail projects

Mandates that at least 10% of the total project cost (or 10% of matching funds used) come from non-state sources, with all grants requiring commission approval

Restricts funding to money specifically appropriated for this purpose and prohibits use of state highway fund dollars for these grants

Takes effect immediately upon two-thirds vote of both legislative chambers, or September 1, 2025, if that threshold is not met