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The New Space Age Act of 2024 establishes a Commercial Space Transportation Administration within the Department of Transportation to oversee commercial space launch and reentry activities. The bill transfers regulatory authority from the Federal Aviation Administration, creates a Launch and Reentry Working Group to develop safety standards, and updates the Commercial Space Transportation Advisory Committee to increase industry participation and streamline licensing processes. The legislation authorizes $50 million annually through fiscal year 2028, with at least 75 percent reserved for processing license applications.
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