Arctic Science Endowment Act - Establishes the Arctic Ocean Research, Monitoring, and Observation Program to be administered by the North Pacific Research Board with input and assistance from the Arctic Research Commission.
Requires the Program to include marine, coastal, and estuarine: (1) research of fisheries, ecosystem food webs, and spatial distributions of fish and other wildlife; (2) monitoring and observation, including expansion of the Alaska Ocean Observing System in the Arctic; (3) research, monitoring, observation, and modeling to support planning, environmental review, decisionmaking, evaluation, impact and natural resources damage assessment, and adaptive management with respect to industrial and other human activities in the Arctic, environmental change, and the interactive and cumulative effects in the Arctic.
Directs: (1) the Board and Commission to jointly prepare an Arctic Ocean science plan, and (2) the Board to submit the plan to the National Research Council. Requires that the plan be reviewed and updated at least once every five years.
Establishes a grant program to award grants for research, monitoring, and observation under the science plan.
Directs the Commission to annually review and recommend to the Board ongoing and future strategies and priorities.
Amends the Internal Revenue Code to establish in the Treasury the Arctic Ocean Research, Monitoring, and Observation Trust Fund to carry out the Program.