Common Sense Indian Gambling Reform Act - Amends the Indian Gaming Regulatory Act with respect to: (1) background investigations, approval of financial interests, and funding of the National Indian Gaming Commission; (2) Class II and Class III gaming on trust lands on which an Indian tribe has declared an intention to conduct gaming activities; (3) conditions required for exception to gaming restrictions on certain land; (4) approval of compacts by State; and (5) exceptions to certain restrictions on gaming.