Teacher and Principal Improvement Act

[AI summary unavailable — showing source text] Teacher and Principal Improvement Act - Creates a new title II (Preparing, Training, and Recruiting High Quality Teachers and Principals) of the Elementary and Secondary Education Act of 1965 (ESEA) consisting of a part A (Teacher and Principal Training and Recruitment Fund) and part B (Teacher Incentive Fund). Moves teacher liability and internet safety provisions to title IX of the ESEA. Authorize appropriations for title II through FY2016. Reserves at least 20% of such funding for the part B program, after the Secretary of Education reserves funds for certain national activities under part A. Allocates part A grants to states and, through them, subgrants to local educational agencies (LEAs) pursuant to a formula that apportions: (1) 20% of the funding to states and LEAs on the basis of their share of students aged 5-17 on the national and state level, respectively; and (2) 80% of such funding on the basis of their share of impoverished students in that age group. Requires states to use 98.5% of those funds for subgrants to LEAs, with the remainder being used for specified state activities. Lists the projects which the subgrants may fund, including: (1) teacher and principal recr…