Compacts of Free Association Amendments Act of 2005

Compacts of Free Association Amendments Act of 2005 - Amends the Compact of Free Association Amendments Act of 2003 with respect to the provision of emergency and disaster assistance through the United States Agency for International Development (USAID) and the Federal Emergency Management Agency (FEMA) to the Federated States of Micronesia and the Republic of the Marshall Islands.

Provides with respect to the Republic of Palau that: (1) students from Micronesia and the Marshall Islands attending universities or colleges in Palau shall remain eligible for specified higher education assistance; and (2) government, institutions, and people of Palau shall be eligible for education assistance through FY2009 that they were eligible for in FY2003.

Provides for the continuation of legal services to the citizens of Micronesia, Palau, and the Marshall Islands legally residing in the United States (including territories and possessions).

Authorizes Micronesia, Palau, and the Marshall Islands to transmit videotaped programming.

Authorizes the government of Palau to deposit the payment otherwise payable to the U.S. government under P.L. 101-219 (a law concerning the implementation of the Palau Compact of Free Association and insular area matters) into a trust fund if: (1) trust fund earnings are expended solely for maintenance of the road system constructed pursuant to the Compact of Free Association between the U.S. government and the government of Palau; and (2) the trust fund is established and operated pursuant to an agreement between the U.S. government and the government of Palau.

Provides that in the U.S.-RMI Compact (Marshall Islands), the U.S.-FSM Compact (Micronesia), and their respective trust fund subsidiary agreements, for the purposes of taxation by the United States or its subsidiary jurisdictions, the term "state" means state, territory, or the District of Columbia.