“ PERFORMANCE STANDARD.—Proposals submitted under paragraph (2) must meet any standards established by the Secretary. For corridors with existing intercity passenger rail service, proposals shall also be designed to achieve a reduction of existing minimum intercity rail service trip times between the main corridor city pairs by a minimum of 25 percent. In the case of a proposal submitted with respect to paragraph (1) (A) , the proposal must be designed to achieve a 2-hour or less express service between Washington, District of Columbia, and New York City, New York. ”

“ STATE RAIL PLANS.—State rail plans completed before the date of enactment of the Passenger Rail Investment and Improvement Act of 2008 that substantially meet the requirements of chapter 227 of this title, as determined by the Secretary pursuant to section 22506 of this title, shall be deemed by the Secretary to have met the requirements of paragraph (2) (A) (i) of this subsection. ‘‘ (f) FEDERAL SHARE.—The Federal share of the cost of a project financed under this section shall not exceed 80 percent of the project net capital cost. ”

“ IN GENERAL.—Each commission established under subsection (b) (2) shall be responsible for reviewing the proposal or proposals forwarded to it under that subsection and not later than 90 days after the establishment of the commission, shall transmit to the Secretary a report which includes— (A) a summary of each proposal received; (B) services to be provided under each proposal, including projected ridership, revenues, and costs; (C) proposed public and private contributions for each proposal; (D) the advantages offered by the proposal over existing intercity passenger rail services ”