To create a National Endowment to advance private sector development of aeronautics and space technologies by way of the National Advanced Space and Aeronautical Technologies Prize Award Program.

Summary: Aeronautics and Space Prize Act - Establishes a National Endowment for Space and Aeronautics, to be headed by a Chairperson appointed by the President, to: (1) execute a program to award cash prizes for outstanding private sector achievements in basic, advanced, and applied research, technology development, and prototype demonstration that have the potential for application to the nation's aeronautics and space endeavors within the National Aeronautics and Space Administration (NASA) and other governmental agencies as well as private entities in the United States; (2) with the advice of NASA and other agencies as appropriate, carry out advertising of commercial products and services in conjunction with such endeavors with NASA, other agencies involved in aeronautics and space, or independently; and (3) encourage private gifts for the benefit of, or in connection with, such endeavors in NASA as well as other governmental agencies and private entities involved in aeronautics and space in the United States.

Requires the Endowment annually to report to Congress.

Authorizes the Endowment to carry out a National Advanced Space and Aeronautical Technologies Prize Award Program as described above.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Aeronautics and Space Prize Act''.

SEC. 2. NATIONAL ENDOWMENT FOR AERONAUTICS AND SPACE.

    (a) Establishment.--There is established a National Endowment for 
Aeronautics and Space (referred to in this Act as the ``Endowment'').
    (b) Purposes.--The purposes of the Endowment are--
            (1) to execute a program awarding cash prizes in 
        recognition of outstanding private sector achievements in 
        basic, advanced, and applied research, technology development, 
        and prototype demonstration that have the potential for 
        application to the Nation's aeronautics and space endeavors 
        within the National Aeronautics and Space Administration 
        (referred to in this Act as ``NASA'') and other governmental 
        agencies as well as private entities in the United States;
            (2) with the advice of NASA and other agencies as 
        appropriate, to carry out a program for tasteful advertising of 
        commercial products and services in conjunction with the 
        Nation's aeronautics and space endeavors in conjunction with 
        NASA, other agencies involved in aeronautics and space, or 
        independently; and
            (3) to encourage private gifts of real and personal 
        property or any income therefrom or other interest therein for 
        the benefit of, or in connection with, the Nation's aeronautics 
        and space endeavors in NASA as well as other governmental 
        agencies and private entities involved in aeronautics and space 
        in the United States.
    (c) Authority of the Endowment.--In carrying out the purposes 
specified in subsection (b), the endowment is authorized--
            (1) to make, promulgate, issue, rescind, and amend rules 
        and regulations governing the manner of its operations and the 
        exercise of the powers vested in it by law;
            (2) to appoint and fix the compensation of such officers 
        and employees as may be necessary to carry out the purposes 
        specified in subsection (b), in accordance with civil service 
        laws; and
            (3) to appoint such advisory committees as may be 
        appropriate for purposes of consultation and advice to the 
        Endowment.
    (d) Powers of the Endowment.--
            (1) Contract.--The Endowment, with the advice of NASA and 
        other agencies as appropriate, shall have the power to enter 
        into contracts or grants, to execute instruments, and generally 
        to do any and all lawful acts necessary or appropriate 
        consistent with the purposes of the Endowment specified in 
        subsection (b).
            (2) Payment.--Neither NASA, other agencies, private sector 
        entities, nor any employee thereof, except as specified in this 
        Act, is authorized to accept funds from the Endowment.
            (3) Coordination.--In order to carry out its functions 
        under this Act, the Endowment may utilize the services and 
        facilities of NASA and other Federal agencies, and such 
        services and facilities may be made available on request to the 
        extent practicable without reimbursement therefor.
    (e) Gifts; Devises; Bequests.--
            (1) In general.--Except as provided in paragraph (2), the 
        Endowment may accept, receive, solicit, hold, administer, and 
        use any gifts, devises, or bequests, either absolutely or in 
        trust, of real or personal property or any income therefrom or 
        other interest therein for the benefit of or in connection with 
        the Nation's aeronautics and space endeavors within NASA as 
        well as other governmental agencies within the United States, 
        including a gift, devise, or bequest that is encumbered, 
        restricted, or subject to beneficial interests of private 
        persons if any current or future interest therein is for the 
        benefit of the Nation's aeronautics and space endeavors within 
        NASA as well as other governmental agencies involved in 
        aeronautics and space within the United States. For purposes of 
        this paragraph, an interest in real property includes easements 
        or other rights for preservation, conservation, protection, or 
        enhancement by and for the public of natural, scenic, historic, 
        scientific, educational, inspirational, or recreational 
        resources.
            (2) Limitation.--The Endowment may not accept a gift, 
        devise, or bequest which entails any expenditure other than 
        from the resources of the Endowment.
            (3) Property of the united states.--Gifts and other 
        transfers made to or for the use of the Endowment shall be 
        regarded as contributions, gifts, or transfers to or for the 
        use of the United States.
    (f) Reporting.--Promptly at the end of each fiscal year, the 
Endowment shall transmit to Congress an annual report of its 
proceedings and activities, including a full and complete statement of 
its receipts, expenditures, and investments.
    (g) Chairperson of the Endowment.--
            (1) In general.--The Endowment shall be headed by a 
        Chairperson, who shall be appointed by the President, by and 
        with the advice and consent of the Senate.
            (2) Responsibilities.--Under the supervision and direction 
        of the President, the Chairperson shall be responsible for the 
        exercise of all powers and the discharge of all duties of the 
        Endowment, and shall have authority and control over all 
        personnel and activities thereof. The Chairperson shall not 
        engage in any other business, vocation, or employment while 
        serving as such.
            (3) Terms.--The Chairperson shall serve for a term of 4 
        years and shall be eligible for reappointment. Upon expiration 
        of the Chairperson's term of office the Chairperson shall serve 
        until the Chairperson's successor shall be appointed.
            (4) Duties.--The Chairperson shall correlate the programs 
        of the Endowment, insofar as practicable, with existing 
        programs of Federal, State, regional, or private groups, and 
        shall develop the programs of the Endowment with due regard to 
        the contribution to the objectives of this Act which can be 
        made by other Federal agencies under existing programs. The 
        Chairperson may enter into interagency agreements to promote or 
        assist the aeronautics and space activities of other Federal 
        agencies on a reimbursable or nonreimbursable basis, and may 
        use funds authorized to be appropriated for the purposes of 
        subsection (b) for the costs of such activities.

SEC. 3. NATIONAL ADVANCED SPACE AND AERONAUTICAL TECHNOLOGIES PRIZE 
              AWARD PROGRAM.

    (a) In General.--The Endowment shall carry out the program 
described in section 2(b)(1).
    (b) Competition Requirements.--The Endowment shall--
            (1) widely advertise prize competitions and use a 
        competitive process for the selection of recipients of prizes 
        under this section; and
            (2) make a determination, with the advice of NASA and other 
        governmental agencies as appropriate, prior to the 
        advertisement required under paragraph (1) if an individual 
        prize might have benefits for the Nation's aeronautics and 
        space endeavors within NASA as well as other governmental 
        agencies and private entities involved in aeronautics and space 
        in the United States.
    (c) Registration.--
            (1) In general.--The Endowment shall require potential 
        recipients of prizes to register for any prize competition 
        under the program established under this section, and, as part 
        of the registration process, to assume any and all risks and 
        waive claims against the United States Government and its 
        related entities for any injury, death, damage, or loss of 
        property or revenue or profits, whether direct, indirect, or 
        consequential, arising from their participation in a 
        competition, whether such injury, death, damage, or loss arises 
        through negligence or otherwise, except in the case of willful 
        misconduct.
            (2) Related entity.--For purposes of this subsection, the 
        term ``related entity'' includes a contractor or subcontractor 
        at any tier, and a supplier, user, customer, cooperating party, 
        grantee, investigator, or detailee.
    (d) Limitations.--The following limitations apply:
            (1) The total amount of cash prizes budgeted in a fiscal 
        year shall not exceed $150,000,000.
            (2) No prize competition shall result in the award of more 
        than $50,000 in cash prizes without the approval of the 
        Chairperson or the Chairperson's designee.
    (e) Availability of Funds.--Funds appropriated for the program 
authorized by this section shall remain available until expended for a 
maximum of 4 years.
    (f) Report.--The Endowment shall transmit to the Committee on 
Appropriations and the Committee on Commerce, Science, and 
Transportation of the Senate, and to the Committee on Appropriations 
and the Committee on Science and Technology of the House of 
Representatives, a report on the administration of the program under 
this section for each fiscal year. The report shall include--
            (1) the aeronautics and space applications for which cash 
        prizes were awarded;
            (2) the total amount of the cash prizes awarded; and
            (3) the methods used for solicitation and evaluation of 
        submissions, together with an assessment of the effectiveness 
        of those methods.

SEC. 4. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated such sums as may be 
necessary to carry out this Act.