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.