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This study examines the nested nature of degree completion disparities for Black undergraduates at public baccalaureate institutions across the United States. Building on the University of Southern California’s Black Students at Public Colleges and Universities: A 50 State Report Card, the author examines the association between racial representation and state income inequality on completion equity for Black undergraduates. Utilizing hierarchical modeling techniques, the study finds that institution-level Black enrollment representation and state-level income inequality account for a significant amount of completion equity, after controlling for institutional size and acceptance rates. Multilevel results indicate that higher levels of income inequality are associated with smaller completion gaps while higher levels of Black enrollment representation are associated with wider completion gaps.