Amends the Elementary and Secondary Education Act of 1965 (ESEA) to revise impact aid program requirements for payments to local educational agencies (LEAs) with respect to eligible federally-connected children. Provides, where there are insufficient funds to provide full amounts of such payments to all eligible LEAs, a formula by which amounts in excess of 150 percent of a threshold amount for some LEAs are to be distributed to other LEAs that have not received their full amounts.