Tax Increase Prevention and Reconciliation Act of 2005

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to extend through 2006 the: (1) allowance of certain nonrefundable tax credits against regular and alternative minimum tax liability; (2) election to deduct state and local sales taxes in lieu of state and local income taxes; (3) tax credit for increasing research activities; (4) tax deduction for higher education tuition and related expenses; (5) tax deduction for elementary and secondary school teacher expenses; (6) authority to issue qualified zone academy bonds; (7) Indian employment tax credit and accelerated depreciation for business property on Indian reservations; (8) tax deduction for corporate donations of computer technology and equipment for educational purposes; (9) eligibility provisions for the medical savings accounts tax deduction; (10) accelerated depreciation of leasehold and restaurant improvements; (11) suspension of the taxable income limit on percentage depletion for oil and natural gas from marginal properties; (12) certain tax benefits for investment in District of Columbia Enterprise Zones; (13) possession tax credit for American Samoa; and (14) parity requirement for the application of group health plan limits to mental he…