To extend the commercial space transportation liability regime.

[AI summary unavailable — showing source text] Extends through calendar 2012 the commercial space transportation liability regime (under which the United States shall pay up to $1.5 billion, adjusted for inflation, in excess of the amount covered by liability insurance or demonstrated financial responsibility with respect to a third party claim against a commercial space launch or reentry licensee, transferee, contractor, subcontractor, or customer for death, bodily injury, or property damage or loss resulting from an activity carried out under the license). Extends this guarantee to issued or transferred licenses for which the Secretary of Transportation receives a complete and valid application by December 31, 2012 (currently, by December 31, 2009).…