Immediate and Full Repeal of the Disabled Veterans Tax Act of 2005 - Amends federal military retired pay provisions to: (1) repeal a required a phase-in, during the period beginning on January 1, 2004, and ending on December 31, 2013, of the full concurrent receipt by qualified individuals of military retired pay and veterans' disability compensation; and (2) include as a qualifying disability, for purposes of eligibility for such concurrent payments, a service-connected disability (or combination of service-connected disabilities) rated at not less than ten (currently 50) percent by the Secretary of Veterans Affairs.