Spokane Tribe of Indians of the Spokane Reservation Grand Coulee Dam Equitable Compensation Settlement Act

Requires the payment of compensation to the Spokane Tribe for the use of their lands for the generation of hydropower from the Grand Coulee Dam project. Bases such payments on the settlement paid to the Confederated Tribes of the Colville Reservation, pursuant to the Confederated Tribes Act, adjusted for inflation.

Directs the Secretary of the Treasury to make an initial payment in satisfaction of Spokane Tribe claims from June 29, 1940, through November 2, 1994.

Requires the Administrator of the Bonneville Power Administration to make subsequent payments, including one for six years only and annual payments.

Requires the Secretary to transfer settlement funds to the Spokane Business Council, at their request. Requires 75 percent of such funds to be used for programs for resource development, credit, scholarship, and economic development. Subjects such funds to tribal control and audit.

Entitles the Bonneville Power Administration to a deduction from interest otherwise payable to the Secretary for a percentage of payments made to the Spokane Tribe on a comparable basis to that allowed for payments to the Confederated Tribes of the Colville Reservation.

States that payments under this Act constitute full satisfaction of Spokane Tribe claims against annual hydropower revenues of the Grand Coulee Dam project.