Impact Aid Fairness and Equity Act of 2013 - Amends the National Defense Authorization Act for Fiscal Year 2013 to make permanent amendments that Act made to the Impact Aid program (which compensates local educational agencies [LEAs] for the financial burden of federal activities affecting their school districts) that:

• require the valuation of the federal property located within the boundaries of an LEA by calculating the valuation, for property tax purposes, of all property within the LEA's boundaries and then multiplying that value by the proportion of that property that is federal property; and
• alter the formula for determining the foundation payments due LEAs for federal ownership of property when appropriations for a fiscal year are insufficient to provide them with full compensation.

Amends the Impact Aid program of the Elementary and Secondary Education Act of 1965 to alter the formulae for determining the payments due LEAs for eligible federally-connected children. Includes not only children in average daily attendance but also those enrolled pursuant to a state open enrollment policy.

Continues a heavily impacted LEA's eligibility for such payments while activities associated with military base closures and realignments or force structure changes or relocations are ongoing.

Alters the formulae for determining the construction payments due LEAs that are eligible for other Impact Aid payments. Requires the Secretary of Education to use all Impact Aid construction appropriations to award: (1) emergency construction grants to LEAs that have no practical capacity, or minimal capacity, to issue bonds or that are otherwise eligible for Impact Aid and have a school facility emergency; and (2) modernization grants to LEAs that are eligible for other Impact Aid payments.