To amend, for certain fiscal years, the weighted child count used to determine targeted grant amounts and education finance incentive grant amounts for local educational agencies under title I of the Elementary and Secondary Education Act of 1965.

All Children are Equal Act or the ACE Act - Amends part A of title I (Improving the Academic Achievement of the Disadvantaged) of the Elementary and Secondary Education Act of 1965 to alter the formula for determining the share of targeted grant funds and education finance incentive grant funds a local educational agency (LEA) receives. Alters the formula so that LEAs that have a high percentage of impoverished students, but a comparatively low number of such students, receive a higher allocation of such funding.