Paperwork and Regulatory Improvements Act of 2005

Paperwork and Regulatory Improvements Act of 2005 - Amends the Paperwork Reduction Act to require the Director of the Office of Management and Budget (OMB) to review information collection conducted by the Internal Revenue Service (IRS) to identify actions IRS can take to reduce the information collection burden imposed on small business concerns, and to include the results of such review in a specified annual report.

Amends the Farm Security and Rural Investment Act of 2002 to repeal specified exemptions from Paperwork Reduction Act requirements and certain other rulemaking requirements.

Amends the Truth in Regulating Act of 2000 to make permanent the authority of a chairman or ranking member of a congressional committee to request the Comptroller General to perform a regulatory analysis of an economically significant rule upon agency publication.

Amends the Treasury and General Government Appropriations Act, 2001 to instruct the Director of OMB to require each agency annually to submit an estimate of the total annual costs and benefits of Federal rules and paperwork for the agency and each agency program.

Requires the Director to designate at least three agencies to participate in a study on regulatory budgeting for FY 2006 and 2007. Includes the regulatory budgets of the designated agencies as an alternative budget presentation. Requires a report on the study to be submitted to Congress.