In an effort to explore the impact of performance incentives in education, the National Center on Performance Incentives (NCPI) partnered with the Metropolitan Nashville Public Schools (MNPS) to conduct the Project on Incentives in Teaching, or POINT. The study examines the effects on student outcomes of paying eligible teachers bonuses of up to $15,000 per year on the basis of student test-score gains on the Tennessee Comprehensive Assessment Program (TCAP). More specifically, the analysis is designed to address several impact areas, including student achievement, teacher behavior, organizational dynamics, unintended consequences, and cost effectiveness. This report contains a description of the project and a summary of the principal effects of the incentives on student achievement. Appended are: (1) Were POINT Performance Targets Unrealistic for Most Teachers?; (2) Grade-Level Comparisons of Treatment and Control Groups; and (3) Estimates of Treatment Effects on Student Achievement in Reading, Science, and Social Studies. (Contains 17 tables, 10 figures and 37 footnotes.)