Homeland Security Trust Fund Act of 2006

Homeland Security Trust Fund Act of 2006 - Establishes in the Treasury the Homeland Security and Neighborhood Safety Trust Fund. Expresses the sense of the Senate that the Senate Finance Committee should report legislation that: (1) increases revenues by $53.3 billion during taxable years 2007-2011 by reducing income tax reductions for taxpayers with taxable incomes exceeding $1 million; and (2) appropriates such revenues to the Fund.

Makes amounts in the Fund available for and authorizes appropriations for specified expenditures for: (1) supporting law enforcement, including for hiring additional Federal Bureau of Investigation (FBI) field agents, customs agents, and rail police; (2) utilizing new technologies, including for consolidating terrorist watch lists and improving passport security, information sharing, and screening of airline passengers and ship and airline cargo; (3) protecting critical infrastructure and eliminating threats, including for hardening soft targets, reducing the risk of attack on dangerous chemicals, and responding to terrorist attacks and natural disasters; and (4) preventing the growth of radical Islamic fundamentalism.

Requires specified reports with respect to implementation of recommendations of the National Commission on Terrorist Attacks upon the United States, including reports on: (1) creation of a national security workforce and a biometric entry-exit screening system; (2) improvements in cargo and passenger screening; (3) critical infrastructure risks and vulnerabilities; (4) efforts to secure weapons of mass destruction; (5) identifying and prioritizing terrorist sanctuaries; (6) progress toward engaging other countries in developing a comprehensive strategy for combating Islamist terrorism; (7) expansion of U.S. scholarship, exchange, and library programs in the Islamic world; (8) establishment of a unified Incident Command System and the National Counterterrorism Center; (9) the Director of National Intelligence; (10) homeland airspace defense; (11) the balance between security and civil liberties; (12) privacy guidelines for government sharing of personal information; (13) development of a common coalition approach toward the detention and humane treatment of captured terrorists; (14) development of economic policies to combat terrorism; (15) international collaboration on borders and document security; (16) standardization of secure identification; and (17) establishment of a national strategy for transportation security.