Enhancing America's Guard and Reserve Act

Enhancing America's Guard and Reserve Act - Entitles a Federal employee who is a member of a reserve component to receive the difference in pay between military compensation and civilian compensation during periods of active duty exceeding 30 days.

Directs the Secretary of the military department concerned to reimburse States or local governments for 50 percent of the civilian compensation paid by such governments to equalize military and civilian pay. Increases the reimbursement rate to 100 percent if active duty extends beyond nine months.

Amends the Internal Revenue Code to establish an active-duty reserve component employee credit for employers who provide compensation to employees on active duty.

Modifies age and service requirements for receipt of retired pay for non-regular service.

Permanently extends authority for certain TRICARE benefits for members of reserve components.

Makes permanent the extended time period during which members of the Armed Forces separated from active duty may seek transitional health care (repealing time limits set forth in the National Defense Authorization Act for Fiscal Year 2004 and the Emergency Supplemental Appropriations Act for Defense and for the Reconstruction of Iraq and Afghanistan).

Increases the amount of basic educational assistance for members of reserve components under the Montgomery GI Bill and indexes such payments to the cost of higher education.

Prohibits the termination of educational assistance for a member's failure to participate satisfactorily in required training due solely to a call to active duty.

Authorizes the limited use of telecommuting to satisfy inactive-duty training.

Requires the Secretary of Defense to give Selected Reserve members eligibility for travel on Department of Defense aircraft on a space-available basis.