Generating Reinvestment Opportunities with America's Small Businesses Act of 2006

Generating Reinvestment Opportunities with America's Small Businesses Act of 2006 or the GROW America's Small Businesses Act of 2006 - Amends the Internal Revenue Code to: (1) allow certain small businesses (generally, businesses with $12 million or less in gross receipts for a taxable year) to defer payment of income tax by making four equal installments over a specified two-year period; (2) extend such deferral period to three years for small businesses that increase employment and maintain salary levels of employees called to duty as members of the Ready Reserve/National Guard; and (3) establish tax-exempt GROW Accounts to provide financing and tax relief for such small businesses.