To amend the Water Supply Act of 1958 to establish a mechanism to permit State and local interests to release to the United States future water storage rights associated with Corps of Engineers reservoir projects.

Amends the Water Supply Act of 1958 to permit an interested state or local interest to submit to the Secretary of the Army by January 1, 2016, a plan for the utilization of future use water storage under such Act.

Requires such plan to include: (1) a 10-year timetable for conversion of future use storage to present use; and (2) a schedule of actions that the state or local interest agrees to carry out over a 10-year period, in cooperation with the Corps of Engineers, to seek new and alternative users of future water storage that is contracted to the state or local interest on the date of this Act's enactment.

Allows a state or local interest that the Secretary determines has carried out its obligations under such plan, for Corps projects for the period from January 1, 2026, through December 31, 2028, to notify the Secretary that it seeks to release to the United States any right of the state or local interest to future water storage that was allocated for future use water supply prior to November 17, 1986, and that has not been allocated or used as of December 31, 2025. Provides that on receipt of such notification by the Secretary: (1) the request of the applicable state or local interest to release future water storage rights shall be considered to be approved, and (2) such interest shall not be responsible for the cost of any water storage rights released under such Act.