To provide for a prize program to encourage development of space and aeronautics technologies and establish an endowment to further educate and inspire the public's interest in space and aeronautics.

SECTION 1. SHORT TITLE.

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

SEC. 2. NATIONAL ENDOWMENT FOR SPACE AND AERONAUTICS.

    (a) Establishment.--There is established a National Endowment for 
Space and Aeronautics (referred to in this Act as the ``Endowment'').
    (b) Purpose.--The purpose of the Endowment is--
            (1) to further the public's knowledge of and inspiration by 
        the Earth, the Earth's atmosphere, human and robotic 
        spaceflight and science missions, and celestial bodies in 
        space;
            (2) to carry out a program to award cash prizes in 
        recognition of outstanding achievements in basic, advanced, and 
        applied research, technology development, and prototype 
        demonstration that have the potential for application to the 
        Nation's space and aeronautical endeavors in conjunction with, 
        or independent of, the National Aeronautics and Space 
        Administration (in this Act referred to as ``NASA'');
            (3) to carry out a program for tasteful advertising of 
        commercial products and services in conjunction with the 
        Nation's space and aeronautics endeavors in conjunction with, 
        or independent of, NASA; and
            (4) 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 to include those of the National 
        Aeronautics and Space Administration, its activities and its 
        services.
    (c) Chairperson of the Endowment.--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. 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.
    (d) 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.
    (e) 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 section which can be made by other Federal agencies under existing 
programs. The Chairperson may enter into interagency agreements to 
promote or assist the space and aeronautics 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.
    (f) Authority of Endowment.--In the performance of 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.
    (g) Gifts; Devises; Bequests.--
            (1) In general.--Except as provided in subparagraph (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 to include 
        those of NASA, its activities or its services, 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 or NASA, its 
        activities or its services. 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.
    (h) 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.--No payment shall be made under this section 
        except upon application therefor which is submitted to the 
        Endowment in accordance with regulations issued and procedures 
        established by the Chairperson. Neither NASA nor any employee 
        thereof is authorized to accept funds from the Endowment.
            (3) Coordination with nasa.--The Endowment may utilize the 
        services and facilities of NASA, and such services and 
        facilities may be made available on request to the extent 
        practicable without reimbursement therefor.
    (i) 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.

SEC. 3. PRIZE AWARD PROGRAM TO ENCOURAGE DEVELOPMENT OF ADVANCED SPACE 
              AND AERONAUTICAL TECHNOLOGIES.

    (a) Authority.--The Chairperson may carry out a program to award 
cash prizes in recognition of outstanding achievements in basic, 
advanced, and applied research, technology development, and prototype 
demonstration that have the potential for application to the 
performance of the space and aeronautical activities of the National 
Aeronautics and Space Administration.
    (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.
            (2) make a determination prior to the advertisement 
        required under paragraph (1) if an individual prize might have 
        benefits for private entities within the United States as well 
        as NASA.
    (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, 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.--The term ``related entity'' includes a 
        contractor or subcontractor at any tier, 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 may not exceed $150,000,000.
            (2) No prize competition may result in the award of more 
        than $10,000,000 in cash prizes without the approval of the 
        Chairperson or designee.
    (e) Availability of Funds.--Funds appropriated for the program 
authorized by this section shall remain available for 2 years.
    (f) Report.--The Chairperson shall transmit to the Committees on 
Appropriations and on Commerce, Science, and Transportation of the 
Senate and to the Committees on Appropriations and on Science of the 
House of Representatives a report on the administration of the program 
for that fiscal year. The report shall include--
            (1) the space and aeronautics 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. ORBITAL DEMONSTRATION PRIZE AUTHORITY.

    (a) In General.--The Endowment shall carry out a program to award a 
prize for the demonstration of a space flight vehicle to carry at least 
1 person to a minimum altitude of 400 kilometers originating from 
within the United States or its territories, complete at least 3 
complete orbits of the Earth, and return safely to the Earth. It is 
highly desirable for the space flight vehicle to demonstrate a high 
degree of reusability for future flights beyond the demonstration 
flight.
    (b) Additional Requirements.--In order to be eligible for the prize 
described in this section, the space flight vehicle--
            (1) shall be built with the capacity to carry a minimum of 
        3 persons;
            (2) shall not have been substantially developed under a 
        contract or grant from any foreign or domestic government;
            (3) may use a foreign or domestic space launch vehicle to 
        launch the space flight vehicle to orbit; and
            (4) comply with, or obtain waivers for, all international, 
        national, regional, or local laws or regulations which pertain 
        to the activities described in this section.
    (c) Amount of Prize.--The total amount of cash prize for the 
program described in this section may not exceed $100,000,000.

SEC. 5. AUTHORIZATION OF APPROPRIATIONS.

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

Summary: Space and Aeronautics Prize Act - Establishes a National Endowment for Space and Aeronautics, to be headed by a Chairman appointed by the President, to: (1) further the public's knowledge of and inspiration by the Earth, the Earth's atmosphere, human and robotic spaceflight and science missions, and celestial bodies; (2) carry out a program to award cash prizes for outstanding achievements in basic, advanced, and applied research, technology development, and prototype demonstration in conjunction with or independent of the National Aeronautics and Space Administration (NASA); (3) carry out advertising of commercial products and services in conjunction with such endeavors; and (4) encourage private gifts for the benefit of such endeavors.

Requires the Endowment annually to report to Congress.

Authorizes the Chairman to carry out a program to award cash prizes for outstanding achievements in basic, advanced, and applied research, technology development, and prototype demonstration that have potential for application to the activities of NASA. Requires the Chairman annually to report to specified congressional committees on the administration of such program.

Requires the Endowment to carry out a program to award a prize for the demonstration of a space flight vehicle to carry at least one person to a minimum altitude of 400 kilometers from within the United States or its territories, complete at least three Earth orbits, and return safely.