School Completion and Incentives Act

School Completion and Incentives Act - Directs the Secretary of Education to make matching grants to each State for planning and carrying out a program to increase the high school completion rate.

Requires States to assure that, under such program, requirements for obtaining a high school diploma or its equivalent will not be lowered. Requires that at least 40 percent of a State's grant funds be used for grants to individual schools that have: (1) a dropout rate above the State average; (2) an aggregate achievement rate below the State average; or (3) a student enrollment of which 30 percent of the students come from families below the official poverty line.

Directs the Secretary to publish an application notice for such grants by January 1, 1991.

Requires grant recipient annual reports by local educational agencies and individual schools to the State, and by the States to the Secretary. Directs the Secretary to develop, from information in such reports, an information base on dropout prevention programs.

Directs the Secretary, at least once every three years, to publish the high school completion rate for each State, with the first such publication to be made by January 1, 1995.

Authorizes appropriations for: (1) planning grants for such programs, for FY 1991 and 1992; and (2) grants to carry out such programs, for FY 1993 through 1999.

Amends the Elementary and Secondary Education Act of 1965 (ESEA) to revise provisions relating to programs for basic skills improvement and dropout prevention and reentry. Adds assistance to elementary school programs for such purposes (current law includes only secondary school programs). Requires each State educational agency and local educational agency that conducts a specified evaluation pursuant to such provisions to report the evaluation results to the National Diffusion Network. Increases the amounts authorized to be appropriated for such programs for FY 1990 through 1993.