River and Watershed Protection and Restoration Act of 1994

River and Watershed Protection and Restoration Act of 1994 - Amends the Land and Water Conservation Fund Act of 1965 to direct the Secretary of the Interior to establish and maintain a National River and Watershed Registry to be comprised of rivers and associated watershed areas whose natural, scenic, cultural, or recreational values are to be protected or restored.

Requires the Secretary to promulgate rules establishing criteria for the inclusion of rivers and associated watershed areas on the Registry, including a requirement that the designated State agency or an Indian tribe has submitted a petition for inclusion that contains a strategy specifying methods contributing to the protection and restoration of riverine and riparian resources within the area concerned.

(Sec. 303) Sets forth provisions regarding: (1) submission of nominations for the inclusion of any river and associated watershed area on the Registry by an appropriate State agency, a governing body of an Indian Tribe, or by a State agency for another entity; (2) inclusion of segments on the Registry; (3) periodic review of strategy implementation; (4) removal from the Registry; and (5) application for assistance under the Act by qualified watershed councils.

Requires the appropriate Federal or State department, agency, or instrumentality, before approving or authorizing a planned undertaking that may adversely effect the implementation of a strategy in effect for a river and associated watershed area listed on the Registry, to notify the Secretary, the designated State agency, any affected Indian tribe, the appropriate local governmental officials, and the public. Sets forth conditions under which such approval or authorization may be issued. Exempts an undertaking: (1) determined by a Federal agency to be necessary for national security; (2) in a major disaster area; (3) involving only the repair or reconstruction of a building or facility constructed before the date on which the river and associated watershed area concerned were included on the Registry; or (4) that is required to be undertaken pursuant to Federal or State law.

(Sec. 307) Directs the Secretary to: (1) enter into an agreement with the National Academy of Sciences to develop and publish standards for the protection and restoration of rivers, associated watershed areas, and riverine and riparian resources; and (2) provide technical assistance to qualified watershed councils, State, tribal and local governments, individuals, and private nonprofit organizations: (1) engaged in the restoration and conservation of rivers and watershed areas listed in the Registry; and (2) proposing to nominate a river or area for the Registry.

(Sec. 308) Requires the Secretary to make capitalization grants to the States and Indian Tribes to be deposited in river and watershed restoration and conservation revolving funds established by the State or by the Tribal governing body and to be used by the designated State agency (or by the Indian Tribe) only for carrying out its responsibilities and authorities under this Act and for providing grants and loans to qualified watershed councils or other entities contributing to the applicable strategy. Requires such grants and loans to be used only to carry out projects contributing to the protection or restoration of rivers and associated watershed areas listed on the Registry.

Authorizes the Secretary to arrange for the design, printing, and sale of river and watershed restoration stamps. Requires the net proceeds of all such sales to be retained by the Secretary and to be transferred to the revolving fund for the State in which such stamps are sold. Requires the Secretary, if stamps are sold in any State which has not established a revolving fund, to disburse such net proceeds to other States which have established such fund on a pro rata basis according to the volume of stamps sold in such other States.

Provides for modified applicability of provisions governing the following with respect to projects or assistance for the protection or restoration of a river or associated watershed area which is listed on the Registry: (1) assistance from the Bureau of Reclamation; (2) the conservation reserve program; (3) the forestry incentives program; (4) the wetlands reserve program; (5) conservation easements; (6) the agricultural conservation program; (7) assistance from the National Park Service; and (8) assistance under the Agricultural Credit Act of 1978.

(Sec. 309) Authorizes appropriations.