Establishes the School Performance Improvement Study Commission (Commission) located within, but exercising independently of, the Department of Public Instruction (DPI) to study alternative models to replace the Innovative School District as a method of improving school performance in low-performing schools. Details the membership of the Commission, with three members each appointed by the President Pro Tempore and the Speaker and five members appointed by the Governor, as specified. Establishes that members serve at the pleasure of their appointing officer. Directs the Governor, President Pro Tempore, and the Speaker to jointly appoint a cochair. Establishes that the Commission expires upon submission of a final report to the General Assembly. 

Details seven matters the Commission must examine, including the use of specialized development programs for teachers and administrators in identified low-performing schools and specific programs that could be utilized for that purpose, the need for additional funding, and school calendar flexibility. 

Provides for meetings and quorum of the Commission, and establishes that action can only be taken by a majority vote at a meeting at which a quorum is present. 

Authorizes the Commission to contract with professional, clerical, and consultant services with available funds as provided. Directs DPI to provide meeting space, equipment, and supplies to the Commission. Provides for per diem, subsistence, and travel allowance for Commission members.

Requires the Commission to make a final report to the General Assembly on or before March 1, 2019, as specified. Terminates the Commission on March 1, 2019, or upon filing of its final report, whichever occurs first. 

Appropriates $50,000 in nonrecurring funds for the 2018-19 fiscal year to DPI to implement the act.