American Parity Act of 2005 - Directs the Secretary of the Treasury to make grants to states and local governments for assistance in making priority expenditures. Defines priority expenditures as ordinary and necessary maintenance and operating expenses for: (1) primary, secondary, or higher education; (2) public safety; (3) public health; (4) social services for the disadvantaged or aged; (5) roads, transportation, and water infrastructure; and (6) housing, as well as ordinary and necessary capital expenditures authorized by state law. Requires at least one third of grant amounts to be made available to local governments.
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