The Laurents/Hatcher Foundation Award will be given for an unproduced, full-length play of social relevance by an emerging American playwright.
The prize includes a $50,000 cash award for the selected playwright and a $100,000 grant for production costs of the play's premiere at a nonprofit theater.
The foundation said Thursday it's the first major award for playwrighting to be named in honor of a gay couple.
The 92-year-old Laurents wrote the books for "Gypsy" and "West Side Story."
Hatcher was Laurents' partner of 52 years. The actor and real estate developer died in 2006.
Submissions from invited applicants will be accepted June 15 to Sept. 15. The first award recipient will be notified March 15.