Penobscot River Restoration Act - Directs the Secretary of the Army, acting through the Chief of Engineers, to carry out the Penobscot River Restoration Project substantially in accordance with the plan described in the Lower Penobscot River Multiparty Settlement Agreement, dated June 2004, subject to a determination that the plan is cost-effective, technically sound, environmentally acceptable, and in the best interest of the United States.
Directs the Secretary to expedite the feasibility and pre-construction, engineering, and design of the Project by using any applicable study prepared by the state of Maine or any other non-federal interest of the Project. Provides that a nonprofit entity may be considered to be a non-federal interest of the Project.