Waterways Are Vital for the Economy, Energy, Efficiency, and Environment Act of 2012 or WAVE4 Act - Directs the Secretary of the Army, acting through the Chief of Engineers, to require certain delivery process reforms for qualifying construction and major rehabilitation projects for navigation infrastructure of inland and intracoastal waterways.
Directs the Secretary, working in conjunction with the Inland Waterways Users Board, to submit to Congress a 20-year program for making capital investments on inland and intracoastal waterways. Authorizes such program to be based on the 20-year capital investment strategy contained in the Inland Marine Transportation System (IMTS) Capital Projects Business Model, Final Report published on April 13, 2010, as approved by the Board.
Amends the Internal Revenue Code to limit expenditures from the Inland Waterways Trust Fund to 50% of the total cost of the construction or rehabilitation project. Prohibits expenditures from the Fund for: (1) construction or rehabilitation of dams, or (2) rehabilitation expenditures equal to or exceeding $100 million.