To amend and extend the Irish Peace Process Cultural and Training Program Act of 1998.

(This measure has not been amended since it was passed by the Senate on November 19, 2004. The summary of that version is repeated here.)

Amends the Irish Peace Process Cultural and Training Program Act of 1998 (IPPCTPA) and the Immigration and Nationality Act (INA) to revise the nonimmigrant alien eligibility qualifications for participants in the Irish Peace Process Cultural and Training Program. Sets a minimum age of 21 (retaining the current age 35 maximum) and requires that the individual: (1) be a citizen of the United Kingdom or the Republic of Ireland; (2) have been unemployed continuously for at least 12 months; (3) have resided continuously for at least 18 months in Northern Ireland or one of designated border counties of the Republic of Ireland; and (4) not have a degree from an institution of higher education.

Requires the Department of Homeland Security to report to Congress each program year (currently, the third program year and the four subsequent years) on the number of aliens admitted under the program who have overstayed their visas.

Extends the authority of the IPPCTPA through FY 2008.

Requires the Secretary of State to verify that the United Kingdom and the Republic of Ireland continue to pay a reasonable share of costs for administration of IPPCTPA programs.

Amends the INA to reduce from 36 to 24 months the temporary period of the visit to the United States for participation in the program.

Denies any such person eligibility to apply for nonimmigrant status, an immigrant visa, or permanent residence until he or she has resided and been physically present in the country of nationality or last residence for an aggregate of a least two years following departure from the United States. Authorizes the Secretary of Homeland Security to waive this requirement if: (1) departure from the United States would impose exceptional hardship upon the alien's spouse or child (if such spouse or child is a U.S. citizen or a lawfully resident alien); or (2) the admission of the alien is in the U.S. public or national interest.