(a) Northeast Corridor Capital Investment Plan.—

(1) Requirement.—Not later than May 1 of each year, the Northeast Corridor Commission established under section 24905 (referred to in this section as the "Commission") shall—

(A) develop a capital investment plan for the Northeast Corridor; and

(B) submit the capital investment plan to the Secretary of Transportation and the Committee on Commerce, Science, and Transportation of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives.

(2) Contents.—The capital investment plan shall—

(A) reflect coordination and network optimization across the entire Northeast Corridor;

(B) integrate the individual capital and service plans developed by each operator using the methods described in the cost allocation policy developed under section 24905(c);

(C) cover a period of 5 fiscal years, beginning with the first fiscal year after the date on which the plan is completed;

(D) notwithstanding section 24902(b), identify, prioritize, and phase the implementation of projects and programs to achieve the service outcomes identified in the Northeast Corridor service development plan and the asset condition needs identified in the Northeast Corridor asset management plans, once available, and consider—

(i) the benefits and costs of capital investments in the plan;

(ii) project and program readiness;

(iii) the operational impacts; and

(iv) Federal and non-Federal funding availability;

(E) categorize capital projects and programs as primarily associated with—

(i) normalized capital replacement and basic infrastructure renewals;

(ii) replacement or rehabilitation of major Northeast Corridor infrastructure assets, including tunnels, bridges, stations, and other assets;

(iii) statutory, regulatory, or other legal mandates;

(iv) improvements to support service enhancements or growth; or

(v) strategic initiatives that will improve overall operational performance or lower costs;

(F) identify capital projects and programs that are associated with more than 1 category described in subparagraph (E);

(G) describe the anticipated outcomes of each project or program, including an assessment of—

(i) the potential effect on passenger accessibility, operations, safety, reliability, and resiliency;

(ii) the ability of infrastructure owners and operators to meet regulatory requirements if the project or program is not funded; and

(iii) the benefits and costs; and

(H) include a financial plan.

(3) Financial plan.—The financial plan under paragraph (2)(H) shall—

(A) identify funding sources and financing methods;

(B) identify the expected allocated shares of costs pursuant to the cost allocation policy developed under section 24905(c);

(C) identify the projects and programs that the Commission expects will receive Federal financial assistance; and

(D) identify the eligible entity or entities that the Commission expects will receive the Federal financial assistance described under subparagraph (C) and implement each capital project.

(b) Failure To Develop a Capital Investment Plan.—If a capital investment plan has not been developed by the Commission for a given fiscal year, then the funds assigned to the Northeast Corridor account established under section 24317(b) for that fiscal year may be spent only on—

(1) capital projects described in clause (i) or (iii) of subsection (a)(2)(E) of this section; or

(2) capital projects described in subsection (a)(2)(E)(iv) or (v) of this section that are for the sole benefit of Amtrak.

(c) Northeast Corridor Asset Management.—

(1) Contents.—With regard to its infrastructure, Amtrak and each State and public transportation entity that owns infrastructure that supports or provides for intercity rail passenger transportation on the Northeast Corridor shall develop an asset management system and develop and update, as necessary, a Northeast Corridor asset management plan for each service territory described in subsection (a) that—

(A) is consistent with the Federal Transit Administration process, as authorized under section 5326, when implemented; and

(B) includes, at a minimum—

(i) an inventory of all capital assets owned by the developer of the asset management plan;

(ii) an assessment of asset condition;

(iii) a description of the resources and processes necessary to bring or maintain those assets in a state of good repair, including decision-support tools and investment prioritization methods; and

(iv) a description of changes in asset condition since the previous version of the plan.

(2) Transmittal.—Each entity described in paragraph (1) shall transmit to the Commission—

(A) not later than 2 years after the date of enactment of the Passenger Rail Reform and Investment Act of 2015, a Northeast Corridor asset management plan developed under paragraph (1); and

(B) at least biennially thereafter, an update to such plan.

(d) Northeast Corridor Service Development Plan Updates.—Not less frequently than once every 10 years, the Commission shall update the Northeast Corridor service development plan.

(e) Definition of Northeast Corridor.—In this section, the term "Northeast Corridor" means the main line between Boston, Massachusetts, and the District of Columbia, and the Northeast Corridor branch lines connecting to Harrisburg, Pennsylvania, Springfield, Massachusetts, and Spuyten Duyvil, New York, including the facilities and services used to operate and maintain those lines.