Crow Tribe Water Rights Settlement Act of 2008 - Ratifies the water rights compact between the Crow Tribe and the state of Montana. Directs the Secretary of the Interior to promptly execute the compact and comply with applicable environmental statutes.
Requires the Secretary, through the Commissioner of Reclamation, to carry out activities necessary to: (1) rehabilitate and improve the water diversion and delivery features of the Crow Irrigation Project in accordance with an agreement to be negotiated with the Tribe; and (2) design and construct such features of the reservation's municipal, rural, and industrial water system.
Ratifies tribal water rights, which shall be held in trust for the use and benefit of the Tribe. Grants the Tribe sole authority to allocate, distribute, and lease such rights, subject to specified limitations.
Directs the Secretary to allocate to the Tribe 300,000 acre-feet per year of water stored in Bighorn Lake, under a water right held by the United States, as measured at the Yellowtail Dam outlet works.
Requires the Tribe, as a condition of receiving an allocation, to enter into an agreement with the Secretary to establish the terms and conditions. Declares that the benefits provided shall be considered to satisfy all claims of the Tribe and allottees.
Establishes in the Treasury the Crow Settlement Fund. Grants the Tribe the exclusive right to develop and market power generation as a water development project on the Yellowtail Afterbay Dam.
Repeals this Act on January 1, 2015, if the Secretary does not publish by December 31, 2014, a statement of findings that specified conditions have been fulfilled (including court approval and ratification of the compact).