Suborbital and Orbital Advancement and Regulatory Streamlining Act or SOARS Act - Amends commercial space launch licensing requirements.

Revises the definition of "launch services" to include activities involved in the preparation of a launch vehicle (as under current law) or element thereof, including space flight participant training for a launch.

Authorizes the Secretary of Transportation (DOT) to issue a single license or permit for flight of a launch or reentry vehicle, or element thereof, in support of a launch or reentry, even when the vehicle or element is not being launched or reentered. Requires the Secretary to ensure that all DOT regulations for a licensed or permitted launch or reentry are satisfied under a single license or permit.

Authorizes the issuance of an experimental permit for a particular reusable suborbital rocket (as under current law) or rocket design after a license has been issued for the launch or reentry of a rocket of that design. Declares that any permits already issued shall remain valid for research and development (R&D) and other specified purposes.

Directs the Secretary to establish, under the Office of Commercial Space Transportation of the Federal Aviation Administration (FAA), a demonstration project to evaluate the benefits of using experimental aircraft for both the direct and indirect support of commercial space launch and reentry activities.