Enacts the Excellence in School Leadership Act, as the title indicates. Provides a series of "whereas" clauses setting out the policy reasons supporting this act, which include the importance of a school principal in ensuring the effectiveness of all teachers in a school and the academic success of students.

Appropriates $8 million for the 2015-16 fiscal year and $8 million for the 2016-17 fiscal year from the General Fund to the Department of Public Instruction (DPI) to be used to increase pay under the school-based administrator salary schedule by 3% effective July 1, 2015. 

Additionally appropriates from the General Fund to DPI the sum of $1.5 million for fiscal year 2015-16 and $1.5 million for the 2016-17 fiscal year to provide principals of schools that exceed annual growth expectations for student achievement, as measured by the Education Value-Added Assessment System (EVAAS), with a annual bonus of $2,000.

Directs the Joint Legislative Education Oversight Committee (Committee) to study excellence in school leadership and make recommendations on the recruitment, preparation, induction, support, and retention of school principals and assistant principals. Sets out issues the Committee must study. Requires the Committee to report to the 2016 Regular Session of the 2015 General Assembly.