America's Better Classroom Act of 2005 - Amends the Internal Revenue Code to allow a tax credit for investment in qualified public school modernization bonds, defined to include: (1) bonds for the construction, rehabilitation, or repair of a public school facility or for the acquisition of land for such facility (qualified school construction bonds); (2) bonds to finance certain academic programs below the postsecondary level in empowerment zones or enterprise communities (qualified zone academy bonds); and (3) bonds for the construction, rehabilitation, or repair of certain Indian tribal schools (qualified tribal school modernization bonds). Establishes a national limitation on the issuance of such bonds and provides for the allocation of bond amounts among the states according to a specified formula. Limits the term of such bonds to 15 years and terminates the authority for issuance of such bonds after September 30, 2007 (December 31, 2012, for qualified tribal school modernization bonds).
Amends the General Education Provisions Act to apply certain labor standards to public school construction projects financed by this Act.
Amends the Workforce Investment Act of 1998 to require states to establish employment and training programs relating to the construction or reconstruction of public school facilities.