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.