This bill enacts the Midwest Interstate Passenger Rail Compact into Iowa law, allowing the state to join other midwestern states in promoting and improving intercity passenger rail service. The compact aims to enhance coordination among state officials, develop long-range plans for high-speed rail, and collaborate with various sectors to support passenger rail initiatives. A commission will be established to oversee these efforts, consisting of four members from each participating state, including the governor or their designee, a private sector representative, and two legislators.

The bill outlines the powers and duties of the commission, including advocating for funding, developing partnerships, and ensuring representation in national rail plans. It also details the administration and financing of the commission's operations, as well as provisions for withdrawal and default by member states. The compact will take effect immediately upon enactment, with Iowa joining the existing member states of Illinois, Indiana, Kansas, Michigan, Minnesota, Missouri, North Dakota, and Wisconsin, while also allowing Nebraska, Ohio, and South Dakota to become eligible members.