Spokane Tribe of Indians of the Spokane Reservation Equitable Compensation Act - (Section 5) Establishes the Spokane Tribe of Indians Recovery Trust Fund. Directs the Secretary of the Treasury to deposit $53 million into the Fund.
Requires payments from the Fund to the Spokane Business Council in compensation for the use of tribal lands for the generation of hydropower from the Grand Coulee Dam. (The Spokane Business Council is the Spokane Tribe's governing body.)
Requires the Council to prepare a plan for the use of those payments to promote: (1) economic development; (2) infrastructure development; (3) educational, health, recreational, and social welfare objectives of the Tribe and its members; or (4) any combination of those activities.
(Sec. 6) Directs the Bonneville Power Administration to make annual payments under the Colville Settlement Agreement to the Spokane Tribe.
Requires the Administration to: (1) make commensurate cost reductions in expenditures on an annual basis to recover each payment to the Tribe, and (2) include any such cost reduction in its annual budget.
(Sec. 7) Specifies the tax treatment of payments made to the Council or Tribe and the interest and income generated by those payments.
(Sec. 9) Provides that the deposit of amounts in the Fund extinguishes all monetary claims that the Tribe may have against the United States to a fair share of the annual hydropower revenues generated by the Grand Coulee Dam project for the past and continued use of the Tribe's land to produce hydropower at Grand Coulee Dam.
(Sec. 10) Declares that nothing in this Act establishes any precedent or is binding on the Southwestern Power Administration, Western Area Power Administration, or Southeastern Power Administration.