Cost of Living Fairness Act of 2006 - Requires the Commissioner of Labor Statistics to develop and report to Congress and the Comptroller General on a methodology for determining the cost of living in each state which accounts for the costs of housing, goods, and services.
Requires the Comptroller General to study and report to Congress on how federal benefits provided to beneficiaries in each state under certain programs would be distributed if: (1) the cost of living in each state, as determined under the methodology, were a factor in the determination of such benefits; and (2) the methodology were applied so that federal benefits vary only to the extent that such determination would result in an increase of benefits to beneficiaries in a state. Specifies such benefit programs as all those providing vouchers, coupons, cash grants, or cash reimbursements based on the beneficiary's income.