The Society said in a declaration that the 94th Oscars were "tarnished by the abhorrent and hurtful behavior we saw Mr Smith show on stage."
Smith has resigned from the Academy and apologized for his conduct.
The actor chastised Rock for making light of his wife's shaved head, which is the result of the hair-loss disorder alopecia.
He won the best actor for his part in "King Richard," in which he played the father of tennis champions Venus and Serena Williams, less than an hour later.
The Academy of Motion Picture Arts and Sciences, which organizes the awards show, had a virtual meeting on Friday to discuss disciplinary action.
The Academy stated in a statement that the prohibition was intended to safeguard artists and visitors while also "restoring faith in the Academy."The Academy said that it did not "adequately address the circumstances in the room" at the moment of the slap and was "unprepared for the unusual." It expressed regret for this.
It also praised Rock for "remaining calm in the face of exceptional circumstances."
Smith stated in his resignation letter that he had "betrayed the trust of the Academy" and was "heartbroken" over his conduct.
He went on to say that he would "totally accept any and all repercussions for my behavior."
Because of his resignation, he will be unable to vote for future Oscar voters. Read more news from www.newzben.com
The Academy's disciplinary hearing into the event, which was initially planned for April 18, was accelerated after Smith quit.
Only a few people have ever resigned from the academy. There are four members: producer Harvey Weinstein, actor Bill Cosby, director Roman Polanski, and cinematographer Christopher Doyle Adam Kimmel - who was kicked out due to sexual misconduct claims, while actor Carmine Caridi was kicked out in 2004 for pirating screener tapes handed to him.
However, the film academy's norms of behavior included a number of punitive possibilities for Smith, including excluding him from future Oscar ceremonies, canceling his eligibility for prizes, and returning his freshly earned Oscar.
Only one Oscar has ever been rescinded: "Young Americans," which won the best documentary in 1969 but was later discovered to be ineligible for the prize that year. Read more news from www.newzben.com
Late last month, actor Whoopi Goldberg, a member of the academy's board of governors, predicted Smith would face "huge penalties," but said, "We're not going to take away that Oscar from him."
Aside from the Academy's moves, at least two companies, Sony and Netflix, have put Smith's projects on hold.
Rock, who launched his new stand-up comedy tour immediately after the Oscars, has not publicly commented on the smack.
At a recent event, he informed fans that he is "still kind of digesting what occurred" and that he will discuss the situation "at some point."
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