Hydropower Renewable Energy Development Act of 2011 - Includes hydroelectric energy generated in the United States by a hydroelectric facility within the definition of "renewable energy" for purposes of any federal program or standard.
Amends the Internal Revenue Code to: (1) classify certain hydropower production facilities as renewable resources for purposes of the tax credit for producing electricity from renewable resources, (2) eliminate the one-half reduction in the tax credit rate for hydropower and marine and hydrokinetic renewable energy facilities, and (3) allow accelerated depreciation of equipment that produces electricity from marine and hydrokinetic renewable resources and from hydropower.
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