AmeriCorps: Together Improving Our Nation Act or the ACTION Act - Amends the National and Community Service Act of 1990 to base the calculation of the amount of the national service educational award on the average cost of attending a four-year institution of higher education, rather than a portion of a veteran's basic educational assistance allowance.
Excludes the national service educational award from an individual's gross income for tax purposes.
Permits the Corporation for National and Community Service to support a national service program that is carried out by another federal agency and implements the priorities of such agency.
Makes Chief Executive Officer of the Corporation a Cabinet position. Raises the Officer's compensation to Level I of the Executive Schedule.