Amends GS 115C-47, GS 115C-218.65, and GS 115C-238.66 to require that the annual school report card include an explanation of the method of calculation and compilation of school performance data and associated school performance grades, with a translation of the explanation into Spanish. 

Amends GS 115C-83.15 to require that when calculating the school performance score the school achievement score accounts for 20% and the school growth score accounts for 80% (percentages are switched under current law) of the total sum.

Requires the State Board of Education to create a task force to study the school performance grading system calculation method and distribution of those grades. Requires a report on the study findings by December 15, 2016, to the Joint Legislative Education Oversight Committee.

Establishes the 11-member North Carolina School Performance Improvement Task Force (Task Force) to study the impact on schools that are awarded a grade of F for two or more years and the support and interventions necessary for those schools to improve performance. Includes provisions for appointing Task Force members and filling vacancies and establishes chairs. Requires the Task Force to study ways to provide local and state support to help transform a school that receives a grade of F for two years or more, focusing on specified issues. Requires the Task Force to submit a final report of the results of its study and recommendations to the Joint Legislative Education Oversight Committee by March 1, 2016. Terminates the Task Force on the earlier of March 1, 2016, or the filing of its final report.