Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2023

This bill creates a 30% tax credit for owners of hydroelectric dams who make specific upgrades to their facilities. It directly affects dam operators who install qualifying improvements like fish passage systems, water quality enhancements, dam safety upgrades, or removal of obsolete river obstructions. The credit applies to property placed in service after December 2022, requires prior approval from FERC or state officials (before 2032), and covers items such as new turbines, sediment management systems, and small remote dams serving isolated communities. The tax code is amended to include this credit as a new provision under section 48F.