Stormwater Management Improvement Act of 1995

Stormwater Management Improvement Act of 1995 - Amends the Federal Water Pollution Control Act to apply permit requirements to stormwater discharges associated with commercial activity and to certain discharges from storm sewer systems serving populations between 50,000 and 100,000 in urbanized areas in which other discharges requiring permits are located.

Exempts, with exceptions, a discharge composed entirely of stormwater from a municipal storm sewer system serving a population of between 50,000 and 100,000 individuals that is located in an urbanized area from permit requirements prior to October 1, 2001.

Exempts, with exceptions, sources of discharges composed entirely of stormwater from municipal storm sewer systems from permit requirements (currently, such exemption is only available prior to October 1, 1994). Provides that permits issued for discharges from municipal storm sewers composed entirely of stormwater shall not require compliance with numeric effluent limitations and water quality standards shall not be applied or enforced as effluent limitations.

Authorizes the Administrator of the Environmental Protection Agency to issue a consolidated permit for discharges from a storm sewer system owned by a municipality and the stormwater discharges from industrial or commercial sources owned by the same municipality.

Requires the Administrator to establish permit requirements for stormwater discharges from commercial and light industrial sources.

Authorizes the Administrator to exempt certain commercial and light industrial stormwater discharges from permit requirements. Exempts stormwater discharges from small industrial or commercial businesses (businesses with a maximum of 25 employees and defined as small business concerns pursuant to the Small Business Act) from permit requirements unless the discharge contributes to a violation of a water quality standard or is a significant contributor of pollutants.

Directs the Administrator to establish an initiative to fund State and local demonstration programs and research to test innovative approaches to address the impacts of hydrologic and hydraulic changes, source controls, and water quality management practices and controls for runoff from municipal storm sewers. Authorizes appropriations.

Makes municipalities subject to stormwater discharge permit requirements eligible for grants to train citizens in watershed monitoring activities to support municipal stormwater management programs.