New Space Age Act of 2024

This bill creates a new Commercial Space Transportation Administration within the Department of Transportation to oversee and accelerate commercial space launches and reentries. It transfers authority currently held by the FAA's Office of Commercial Space Transportation to this new agency, with $50 million annually allocated (75% reserved for faster license processing). The bill also establishes a Launch and Reentry Working Group - including industry representatives and government officials - to develop safety standards for space operations and streamline approvals. These changes directly affect commercial space companies seeking launch licenses and the federal agencies managing space activities.