Innovation Zone Act This bill replaces the Experimental Sites Initiative of the Department of Education (ED) with an innovation zone initiative consisting of voluntary experiments by participating institutions of higher education (IHEs). Upon selection of an experiment but prior to choosing the participating IHEs, ED must identify the methodology of data collection and the evaluation methods for determining the impact of the experiment, including any differential impacts for historically underrepresented students (e.g., students of color and low-income students). Under the experiment, ED and the IHEs may test the effectiveness of statutory and regulatory flexibility that aims for (1) an increase in student success (e.g., reductions in student loan debt and increases in student retention and employment outcomes); and (2) a reduction of regulatory burdens on IHEs or ED, without harm to students. The bill also requires ED to conduct a review of existing experiments.