COMPETE Act of 2005

Collaborative Opportunities to Mobilize and Promote Education, Technology, and Enterprise Act of 2005 - COMPETE Act of 2005 - Amends the Internal Revenue Code to provide tax incentives for research and education by: (1) extending a research credit; (2) increasing rates of an alternative incremental credit for research; (3) establishing an alternative simplified credit for qualified research expenses; (4) providing a credit for information and communications technology education; and (5) setting an alternative percentage limitation for corporate charitable contributions to the mathematics and science partnership program.

Requires the Director of the National Science Foundation to award grants to partnerships of institutions of higher education (IHEs) and other entities to establish 10 regional training and research Making America Competitive (MAC) Centers to help maintain U.S. workforce and education investment and infrastructure in the sciences, technology, engineering, and mathematics.

Amends the Elementary and Secondary Education Act of 1965 to direct the Secretary of Education to make partnership bonus grants annually to a certain number of elementary and of secondary schools in each state that show the most improvement in mathematics and in science, respectively.

Authorizes the Director of the Office of Science of the Department of Energy to award matching grants to IHEs to: (1) provide stipends or other financial assistance for students enrolled in graduate programs in the sciences, technology, engineering, or mathematics; and (2) support outreach and mentoring activities to increase the participation of underrepresented groups in the sciences, technology, engineering, or mathematics at all or any level of education, including elementary, secondary and postsecondary education.

Amends federal patent law to require the Director of the U.S. Patent and Trademark Office, for any fiscal year when estimated fee collections exceed appropriations to the Office, to reduce fees under the Trademark Act of 1946 for that fiscal year or its remainder so that estimated collections equal the amount appropriated.