(This measure has not been amended since it was reported to the Senate on July 7, 2004. The summary of that version is repeated here.)
Tapoco Project Licensing Act of 2004 - (Sec. 3) Instructs the Secretary of the Interior to engage in a simultaneous land exchange with Alcoa Power Generating Inc. (APGI) upon conveyance by APGI of acceptable title to certain land adjacent to the APGI power line within the Great Smoky Mountains National Park, generally depicted on the map as "proposed Property Transfer from APGI to National Park Service."
Identifies the land to be conveyed by the Secretary as approximately 110 acres within the Park: (1) adjacent to or flooded by the Chilhowee Reservoir; and (2) within the boundary of the Tapoco Hydroelectric Project as of February 21, 2003.
Prescribes procedural requirements, including reservation of a conservation easement over any land transferred to APGI that: (1) specifically prohibits development of the land by APGI which is not necessary for the continued operation and maintenance of the Chilhowee Reservoir; (2) authorizes public access to the easement area, subject to National Park Service regulations; and (3) authorizes the National Park Service to enforce Park regulations on the land and in and on the waters of Chilhowee Reservoir lying on the land.
Requires the deed to require reversion of the title to the United States if the Chilhowee Reservoir ceases to exist, or the Federal Energy Regulatory Commission (FERC) issues a final order decommissioning the Tapoco Project from which no further appeal may be taken.
(Sec. 4) Grants FERC jurisdiction to license the Tapoco Project upon completion of the land exchange.
(Sec. 5) Authorizes the Secretary of the Interior or the Secretary of Agriculture to acquire for the United States any land or interest in land identified as specified easements that may be transferred by APGI to a nongovernmental organization pursuant to a specified Settlement Agreement.
Prescribes implementation requirements for land acquired by the Secretary of the Interior and the Secretary of Agriculture, respectively.
(Sec. 6) Authorizes appropriations.