Senate committee substitute makes the following changes to the 1st edition:

Changes the short and long titles.

Deletes all of the provisions of the previous in their entirety.

Establishes the NC and SC Rail Compact Act and creates the SC and NC Interstate Freight Rail Compact Commission (Commission) with the authority and directive to carry out three varied purposes, including (1) studying, developing, and promoting a plan for the design, construction, financing, and operation of freight rail service between specified locations in North Carolina and SC; (2) coordinating best efforts to prevent the abandonment of rail service in specified counties to promote economic development; and (3) promoting the overall health, well-being, and economic growth of specified counties through improved rail service, infrastructure and connections. 

Provides that the four NC members of the Commission will be as follows: one person appointed by the General Assembly recommended by the President Pro Tempore of the Senate, one person appointed by the General Assembly recommended by the Speaker of the House of Representatives, one person from the NC Railroad Company Board of Directors, and one member appointed by the Secretary of the NC Department of Commerce. Provides that terms of the NC members will be two years, with initial terms expiring on June 30, 2017. The Commission members from South Carolina are to be appointed as provided by South Carolina law. Provides the chair is to be chosen by the members of the Commission with a one-year term, alternating between the states. 

Sets out specifications for meetings and reports of the Commission, funds for the operation and expenses of the Commission, and member per diem and allowances. Provides that staff from both the NC and SC Departments of Commerce will advise and consult the Commission.

Provides that the Compact or other affiliated entity appropriate for the purposes for which the Commission is created has the powers of a non-profit IRS 501(c)(3) or 501(c)(6) organization, as determined by the Commission. 

Provides that the Compact is effective when approved by both the NC and SC General Assemblies, unless approval of the Compact is also required by the US Congress.