This legislation mandates the Secretary of the Interior, in coordination with the Assistant Secretary for Indian Affairs, to update the Indian School Equalization Formula within one year of enactment. This update must ensure sufficient funding for Bureau of Indian Education schools, considering factors such as matching the highest quartile of average state-by-state salaries for teachers, principals, and other school staff. The updated formula will also consider specific weights for schools controlled by Indian Tribes, those with fewer than 100 students, and schools in rural areas, while also providing an additional cost factor for Havasupai Elementary School. Furthermore, the bill requires the Assistant Secretary to annually request full funding for the Indian School Equalization Program , using the newly updated formula, to establish per-pupil parity for Indian students. These funding requests must be adjusted for inflation based on the Consumer Price Index and include fixed costs such as matching the salary schedule of the Department of Defense Education Activity. It also ensures pay increases for non-teacher employees at tribally controlled schools at the same rate as federal employees, and mandates a report to Congress on the program's adequacy and recommendations for improvement.