To authorize the Secretary of the Interior, through the Bureau of Reclamation, to conduct a feasibility study on the Alder Creek water storage and conservation project in El Dorado County, California, and for other purposes.

(This measure has not been amended since it was reported to the House on September 7, 2004. The summary of that version is repeated here.)

Authorizes the Secretary of the Interior, through the Bureau of Reclamation, to study the feasibility of constructing a project on Alder Creek in El Dorado County, California, to store water and provide water supplies during dry and critically dry years for consumptive use, recreation, in-stream flows, irrigation, and power production. Requires the Secretary to: (1) transmit a report on study results to specified congressional committees, including appropriate cost-sharing options for project implementation based upon the use and possible allocation of any stored water; and (2) use information supplied by the El Dorado Irrigation District in developing such report.

Limits the Federal share of the costs of the study to 50 percent. Allows the Secretary to accept in-kind services by the District as part of the non-Federal cost share. Authorizes appropriations.