Providing Rural Equity, Parity, and Reinvestment in Education Act or the PREPARE Act This bill amends the Carl D. Perkins Career and Technical Education Act of 2006 with respect to within-state funding allocations. States are required to reserve up to 15% (currently, 10%) of their grant funds for innovative career and technical education (CTE) activities in rural areas and in areas with high percentages and high numbers of CTE concentrators or participants. A "CTE concentrator" at the (1) secondary school level, is a student served by an eligible recipient who has completed three or more CTE courses or completed at least two courses in a single CTE program or program of study; or (2) postsecondary level, is a student enrolled in an eligible recipient who has earned at least 12 cumulative credits within a CTE program or program of study, or completed such a program if it encompasses fewer than 12 credits or the equivalent in total. A "CTE participant" is an individual who completes at least one course or earns at least one credit in a CTE program or program of study of an eligible recipient.