No Bonuses for Terrorists Act This bill amends the Foreign Assistance Act of 1961 to prohibit the provision of assistance to the Palestinian Authority (PA) and the Palestinian Liberation Organization (PLO) until the Department of State has certified that the PA and the PLO have ceased paying financial compensation or any other benefit not generally available to the Palestinian population at large to the families of Palestinians killed in connection with an act of terrorism. Recertification is required every six months. If the State Department is unable to make such a certification: (1) it shall report to Congress why it is unable to do so, and (2) funds that otherwise would have been provided to the PA and the PLO shall be transferred and made available to the Department of Defense for assistance to Israel for procurement of the Iron Dome defense system. The State Department shall annually report on the amount of bonuses, financial compensation, or other benefits that have been disbursed by the PA and the PLO in the preceding 12 months.