Brownfield Cleanup Enhancement Act of 2005 - Amends the Internal Revenue Code to allow a tax credit for investment in qualified brownfields cleanup bonds. Defines "qualified brownfields cleanup bonds" as 15-year State or local government bonds 95 percent of the proceeds of which are used for the abatement or control of hazardous substances at a site designated as contaminated by the Administrator of the Environmental Protection Agency (EPA). Limits the amount of such credit to 25 percent of the annual credit determined for such bonds (i.e., applicable credit rate times the outstanding face amount of such bonds).
Establishes national limits on the amount of qualified brownfields cleanup bonds that may be issued in 2006 and 2007. Terminates the authority for issuance of such bonds after 2007.
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