Clean Air Planning Act of 2005

Clean Air Planning Act of 2005 - Amends the Clean Air Act to require integrated air quality planning for the electric generating sector.

Establishes national pollutant tonnage limitations for sulphur dioxide, nitrogen oxides, mercury, and carbon dioxide. Provides for review and revision of annual tonnage limitations.

Directs the Administrator of the Environmental Protection Agency (EPA) to establish: (1) trading programs for nitrogen oxide and mercury allowances; and (2) reserves of nitrogen oxide and mercury allowances as set asides for new units.

Establishes a nitrogen oxide and mercury allowance transfer system.

Directs the Administrator to establish: (1) a carbon dioxide allowance trading program; and (2) a reserve of carbon dioxide allowances for new units and new renewable energy sources.

Makes allowances available to projects certified by a newly established independent review board. Sets forth guidelines for board certification.

Establishes a carbon dioxide allowance transfer system.

Revises the new source review program to cover specified unit changes after 2008 and to permit the lowest achievable emission rate standard to take cost into account.

Revises the sulfur dioxide allowance program to establish an allowance reserve for new units and to establish maximum emissions for states in the Western Regional Air Partnership.