The extended contract runs through January, when the state hopes to hire a new company to operate the line from Indianapolis to Chicago.
Corridor Capital, a passenger rail development company based in Chicago, has emerged as lead candidate to replace Amtrak as operator of the Hoosier State Line.
Five companies, including Amtrak, have submitted proposals for how they can improve the rail line in an attempt to reduce costs while increasing ridership.
The Indiana Department of Transportation is asking companies for proposals on how they would make the Hoosier State line more cost efficient.
Members of the panel say Amtrak needs to provide a plan to improve service before a long-term agreement is reached.
The state and Amtrak needs to decide the future of the Hoosier State Line by Wednesday when funding runs out.
There's still a question about who will foot the bill for the Hoosier State Rail service.
The Indiana Department of Transportation commissioned a study that said continuing the Hoosier State Line could cost the state millions of dollars.
Small towns along the Amtrak route are hoping the state will make up the shortfall, something that doesn't appear likely right now.