Energy Competitiveness Act of 2006

Energy Competitiveness Act of 2006 - Establishes the Advanced Research Projects Administration - Energy (ARPA-E) to reduce the quantity of foreign energy imports and improve the competitiveness of the U.S. economy by funding projects to accelerate energy-related research and develop new energy-related technologies.

Amends the Internal Revenue Code to extend through 2010: (1) the tax credit for electricity produced from certain renewable resources; (2) the tax credit for holders of clean renewable energy bonds and the national volume cap for such bonds; (3) the tax deduction for energy efficient commercial buildings; (4) the tax credit for energy efficient new homes; (5) the tax credit for residential energy efficient property; (6) the tax credits for investment in qualified fuel cells, stationary microturbine power plants, and solar energy property; and (7) the income and excise tax credits for biodiesel and alternative fuels.

Increases the maximum tax credit amounts for the advanced coal and gasification project programs.

Extends through 2012 the taxpayer election to expense certain crude oil refinery property.

Exempts certain alternative motor vehicles and qualified electric vehicles eligible for tax credits from the depreciation limitations applicable to luxury vehicles.