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Hazardous Materials Rail Transportation Safety Improvement Act of 2016 This bill amends the Internal Revenue Code to: (1) establish, within the Oil Spill Liability Trust Fund, a separate Hazardous Liquids Rail Spill Liability Account to support actions related to preventing and responding to discharges of oil or hazardous substances that result from rail shipments; (2) impose a fee on hazardous flammable liquids transported by rail; and (3) establish a tax credit for qualified tank-car conversion expenses. In addition, the bill: expands liability with respect to discharges of hazardous substances, expands Department of Transportation (DOT) training with respect to accidents arising from rail transportation of flammable liquids or gases, establishes a High Hazard Rail Shipments Preparedness grant program, and establishes a Track Relocation and Railroad Inspection Safety grant program. The Federal Railroad Administration must implement specified recommendations of the National Transportation Safety Board. DOT, the Department of Commerce, and the Energy Information Administration shall collect specified data related to high hazard rail transportation.

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