Middle Class Energy Initiative Act of 2005

Middle Class Energy Initiative Act of 2005 - Amends the Internal Revenue Code to allow individuals a $500 tax credit for: (1) gasoline and diesel fuel expenses; and (2) home energy consumption expenses. Denies the credit for taxpayers whose adjusted gross income is twice the state median adjusted gross income.

Limits the amortization of geological and geophysical expenses to 90 percent of such expenses.