Small Business Growth Initiative Act of 2005

Small Business Growth Initiative Act of 2005 - Amends the Internal Revenue Code to: (1) allow certain small business employers (with between two and 100 employees) a business tax credit for employee training expenses; (2) double the tax exclusion of gain from the sale or exchange of qualified small business stock and reduce the holding period for such stock from five to three years; (3) exempt such small business stock gain from the alternative minimum tax; (4) extend through 2010 the increased expensing allowance for depreciable business assets; and (5) increase the tax credit for small employer pension startup costs.

Amends the Small Business Act to increase federal agency expenditures under the Small Business Innovation Research program (SBIR) and the Small Business Technology Transfer program (STTR) through FY2011.