Career and Technical Education State Flexibility Act This bill amends the Carl D. Perkins Career and Technical Education Act of 2006 to revise maintenance of effort requirements for a state to receive fiscal year career and technical education (CTE) funding allotments. In order for a state to receive its full allotment for any applicable fiscal year, its fiscal effort per student, or its aggregate expenditures, for CTE funding for the preceding fiscal year must be at least 80% of such fiscal effort per student or aggregate expenditures for the second preceding fiscal year. The bill: (1) requires such maintenance of effort requirement to be inapplicable for the first two fiscal years after this bill's enactment; and (2) allows the state, after enactment of this bill, to establish a new required level of fiscal effort per student or aggregate expenditures. The Department of Education (ED) shall: (1) exclude competitive or incentive-based programs established by the state in computing such required fiscal effort or aggregate expenditures, and (2) reduce the amount of a state's CTE funding allotment for any applicable fiscal year in the exact proportion by which the state falls below the required 80% threshold. ED may waive such reduction due to exceptional or uncontrollable circumstances affecting the state's ability to meet such maintenance of effort requirement.