Tribal Government Tax-Exempt Bond Parity Act of 2006

Tribal Government Tax-Exempt Bond Parity Act of 2006 - Amends the Internal Revenue Code to permit the issuance of tax-exempt bonds by an Indian tribal government if: (1) at least 95 percent of the net proceeds are used to finance facilities on an Indian reservation; or (2) the obligation is part of an issue substantially all of whose proceeds are to be used in the exercise of an essential government function. Excludes an obligation used to finance a gaming facility.

Amends the Securities Act of 1933 to exempt obligations issued by an Indian tribal government or subdivision from registration requirements.