America's Teacher Preparation Improvement Act

America's Teacher Preparation Improvement Act - Amends title V (Educator Recruitment, Retention, and Development) of the Higher Education Act of 1965 (HEA) to revise and rename part A as Initial Teacher Preparation.

Authorizes the Secretary of Education, in fiscal years for which appropriations are less than $50 million, to make competitive grants to enhance initial teacher preparation to four-year institutions of higher education in partnership with other specified educational entities. Authorizes the Secretary, in fiscal years in which appropriations are more than $50 million, to allot such funds to State educational agencies to make such grants. Allows States to reserve a portion of such funds for specified related State activities.

Requires the use of such grants for: (1) teacher preparation activities; and (2) induction experience for new teachers. Allows the use of such grants for: (1) specified types of targeted programs; (2) recruitment; and (3) a system of initial teacher preparation among an institution of higher education offering approved programs and one or more preschools, kindergartens, secondary schools, community groups, two-year institutions of higher education, or nonprofit organizations.

Sets forth program requirements for agreements, applications, and participation of private school children and teachers.

Authorizes appropriations.

Revises the allocation of funds for Programs to Encourage Minority Students to Become Teachers.

Repeals HEA title V provisions for: (1) National Teacher Academies; (2) teacher scholarships and fellowships; (3) innovation and research; (4) programs for special populations; and (5) new teaching careers.