Improving Mathematics and Science Teacher Quality Act - Amends part B of title II of the Elementary and Secondary Education Act of 1965 (ESEA) to authorize the inclusion of informal science education centers and business consortia as partners in the grant program to improve the quality of elementary and secondary school mathematics and science teachers. Requires the inclusion of teacher training departments of institutions of higher education in such partnerships, but removes state educational agencies as partnership participants.
Authorizes the Secretary of Education to award such grants to states for redistribution as competitive subgrants to eligible partnerships. (Currently, the Secretary awards grants directly to such partnerships if appropriations do not exceed a specified amount.)
Requires that grant priority be given to eligible partnerships that carry out activities modeled after programs which are to be identified and disseminated by the Secretary, in consultation and coordination with the Director of the National Science Foundation, for replication on a more expansive basis.
Removes the provision of financial incentives to recruit and retain teachers from authorized grant uses.
Reauthorizes appropriations for the programs under parts A and B of title II of the ESEA through FY2015.