Space Industrialization Act of 1979

Space Industrialization Act of 1979 - Title I: Establishment of Space Industrialization Corporation - Establishes, as a Federal agency, the Space Industrialization Corporation which shall promote the development of new processes and industries in space and encourage private industry to invest in such activities.

Directs the Corporation to provide funds to industrial space ventures under negotiated management plans. Specifies that such funds shall be repaid with a profit if the venture is profitable and that full documentation is required if it is unprofitable.

Establishes in the United States Treasury the Space Industrialization Trust Fund which shall be held and administered by the Secretary of the Treasury and made available to the Corporation for use in funding industrial space ventures. Authorizes to the Trust Fund, effective October 1, 1979, appropriations not to exceed $50,000,000 per year for the first two fiscal years after enactment.

Directs the President to aid in the planning, development, and review of a national program for the establishment and operation of a space industrial system. Directs the National Aeronautics and Space Administration to advise, assist, and cooperate with the Corporation in the development of the space industrial system.

Title II: Public Ownership of Space Industrialization Corporation - Provides that at such time as the Board of Directors and the President approve, the Corporation shall become a publicly owned entity, which shall be authorized to issue shares of capital stock, nonvoting securities, bonds, debentures, and other certificates of indebtedness as the corporation may determine.

Requires all proceeds from such securities to be deposited in the Trust Fund established by Title I.