S. 2994 — Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2023

This bill establishes a new investment tax credit in the amount of 30% of the basis of any hydropower improvement property. The bill defines hydropower improvement property as property that adds or improves fish passage at a qualified dam;maintains or improves the quality of the water retained or released by a qualified dam;promotes downstream sediment transport and habitat maintenance;upgrades, repairs, or reconstructs a qualified dam to meet safety and security standards;improves public uses of, and access to, public waterways impacted by a qualified dam;removes an obsolete river obstruction; orplaces into service an approved remote dam.Further, written approval for hydropower improvemen...