A bill to establish an intergovernmental grant program to identify and develop homeland security information, equipment, capabilities, technologies, and services to further the homeland security needs of the United States and to address the homeland security needs of Federal, State, and local governments.

(Sec. 2) Establishes the United States-Israel Homeland Security Grant Program to identify, develop, or modify existing or near term homeland security information, equipment, capabilities, technologies, and services to further the homeland security of the United States and to address the homeland security needs of Federal, State, and local governments.

Directs the Secretary of Homeland Security, in carrying out such program, to: (1) assess the homeland security needs of Federal, State, and local governments and first responders and areas where specific homeland security information, equipment, capabilities, technologies, and services could address those needs; (2) survey near-term and existing homeland security information developed within the United States and Israel; and (3) provide grants (directly or through a nonprofit, non-governmental organization) to eligible applicants to develop, manufacture, sell, or otherwise provide homeland security information, equipment, capabilities, technologies, and services to address such needs.

Makes eligible for grant funds those applicants who: (1) address one or more identified needs of Federal, State, and local governments and first responders; (2) are organized as joint ventures between U.S.-Israeli entities; and (3) meet other qualifications required by the Secretary.

Requires the Secretary to establish an advisory board to monitor any grant funds awarded to eligible applicants through nonprofit, nongovernmental organizations.

Authorizes the Secretary to require the Government of Israel to contribute an appropriate amount toward a grant-funded project before the disbursement of funds.

Requires the Secretary to give priority to applicants who propose to market homeland security information, equipment, technologies, or services developed or modified with grant funds to Federal, State, and local governments and first responders.

Authorizes the Secretary to require grant recipients to: (1) make available non-Federal matching contributions of up to 50 percent of the total proposed project cost; and (2) repay the amount of the grant with interest and administrative charges.

Authorizes appropriations through FY 2006.