Emergency Targeted Revenue Sharing Act of 2006 - Authorizes and makes appropriations for FY2007-2009 for financial assistance to states and their local governments for: (1) assistance for education; and (2) general revenue sharing.
Directs the Secretary of the Treasury to make allotments of such funds to states, with 50% of such allotments to be distributed by states among their local governments. Bases the amount of a state's allotment and of a local government's share upon relative: (1) school-age population, in the case of education assistance; and (2) general population, in the case of general revenue sharing.