Tax Revision Act of 2005

Tax Revision Act of 2005 - Amends the Internal Revenue Code to extend through 2006: (1) the taxpayer election to include combat zone compensation as earned income for purposes of computing the earned income tax credit; (2) the increased cover over (payment) to the Treasuries of Puerto Rico and the Virgin Islands of distilled spirit excise tax revenues; (3) the authority for certain Internal Revenue Service (IRS) undercover investigative operations; and (4) the authority for disclosure of tax return information for combined employment tax reporting, for combating terrorist activities, and for student loan repayment.

Allows, through 2006, the tax deduction for income attributable to domestic production activities for taxpayers with income from sources in Puerto Rico.

Amends the Dominican Republic-Central America-United States Free Trade Agreement Implementation Act (CAFTA-DR) to revise formulae for determining the regional value-content of certain import/export goods.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov