Innovation for Tomorrow's Workforce Act This bill amends the Carl D. Perkins Career and Technical Education Act of 2006 to authorize the Department of Education (ED) to award early-phase, mid-phase, or expansion grants to eligible entities, including local educational agencies and area career and technical education (CTE) schools, to: create, develop, implement, or take to scale evidence-based, field initiated innovations, including through a pay for success initiative to improve CTE student outcomes; and evaluate such innovations rigorously. Funding under the Act may be used by eligible agencies for state leadership activities and by eligible recipients for local uses to support CTE programs to: make all forms of instructional content widely available, which may include the use of open educational resources; and support pay for success initiatives. Funding under the Act may also be used by eligible agencies for state leadership activities to provide or support work-based learning opportunities for students, which may include employer-led training resulting in recognized credential and apprenticeship programs for such students. Funds received for local use shall be used for such activities. ED and the Department of Labor may carry out joint experimental, research, pilot, or demonstration projects regarding integrated, aligned, coordinated, and effective CTE and workforce education and training programs in order to address employment and training needs. The independent assessment of career and technical education programs required under such Act is expanded to include an evaluation of the effectiveness of such projects. Funding under the Act may be used by eligible agencies for local uses to expand opportunities for students to participate in competency-based education programs.