Long Island Sound Stewardship Act of 2005 - Establishes the Long Island Sound Stewardship Initiative Region in Connecticut and New York.
Establishes the Long Island Sound Stewardship Advisory Committee to evaluate applications: (1) for funds to purchase land or development rights for designated stewardship sites; (2) to develop and implement management plans to address threats; and (3) to act on opportunities to protect and enhance stewardship sites.
Requires the Committee to: (1) identify 20 initial Long Island Sound stewardship sites; and (2) recommend an equal distribution of funds between States for the initial sites.
Authorizes owners to submit applications to the Committee to have sites identified as stewardship sites.
Directs the Committee to publish notice of the list of sites identified pursuant to the site identification process.
Protects the existing legal rights of private property owners. States that nothing in this Act requires private property owners located within the Region to participate in the Initiative.
Specifies permissible uses for appropriated funds. Limits the Federal share of costs associated with activities carried out using assistance or grants under this Act to 75 percent.
Amends the Federal Water Pollution Control Act to reauthorize appropriations for: (1) the Office of Management Conference of the Long Island Sound Study; and (2) implementation of the Long Island Sound Comprehensive Conservation and Management Plan through FY 2009.