Sierra Vista Subwatershed Feasibility Study Act - Authorizes the Secretary of the Interior, through the Commissioner of Reclamation, to complete a feasibility study of alternatives to augment water supplies in the Sierra Vista Subwatershed, Arizona, that are identified as appropriate for further study in an appraisal report dated June 2007.
Directs the Secretary, in evaluating the feasibility of alternatives, to: (1) include any required environmental reviews, the construction, operations, maintenance, and replacement costs for each alternative, and the economic feasibility of each alternative; (2) take into consideration the ability of government and private sources to fund such costs; (3) establish the basis for any cost-sharing allocations and any anticipated repayment of federal contributions; and (4) perform a cost-benefit analysis.