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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on May 19, 2015.
Science Prize Competitions Act
Amends the Stevenson-Wydler Technology Innovation Act of 1980 regarding prize competitions, allowing an agency to waive liability insurance requirements for participants.
Allows an agency to enter into a grant, contract, cooperative agreement, or other agreement with a private sector for-profit as well as a nonprofit entity (as under current law) to administer a prize competition.
Permits the use of funds from private sector for-profit entities to support a prize competition.
Prohibits an agency from giving special consideration to any private sector for-profit entity in return for a donation.
Limits the use of federal funds to those made available by appropriations Acts.