SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Nanotechnology Innovation and Prize 
Competition Act of 2008''.

SEC. 2. NANOTECHNOLOGY AWARD PROGRAM.

    (a) Program Established.--The Secretary of Commerce shall establish 
a program to award prizes to eligible persons described in subsection 
(b) for achievement in 1 or more of the following applications of 
nanotechnology:
            (1) Improvement of the environment, consistent with the 
        Twelve Principles of Green Chemistry of the Environmental 
        Protection Agency.
            (2) Development of alternative energy that has the 
        potential to lessen the dependence of the United States on 
        fossil fuels.
            (3) Improvement of human health, consistent with 
        regulations promulgated by the Food and Drug Administration of 
        the Department of Health and Human Services.
            (4) Development of consumer products.
            (5) Advancement in the field of nanoelectronics.
    (b) Eligible Person.--An eligible person described in this 
subsection is--
            (1) an individual who is--
                    (A) a citizen or legal resident of the United 
                States; or
                    (B) a member of a group that includes citizens or 
                legal residents of the United States; or
            (2) an entity that is incorporated and maintains its 
        primary place of business in the United States.
    (c) Establishment of Board.--
            (1) In general.--The Secretary of Commerce shall establish 
        a board to administer the program established under subsection 
        (a).
            (2) Membership.--The board shall be composed of not less 
        than 15 and not more than 21 members appointed by the 
        President, of whom--
                    (A) not less than 1 shall--
                            (i) be a representative of the interests of 
                        academic, business, and nonprofit 
                        organizations; and
                            (ii) have expertise in--
                                    (I) the field of nanotechnology; or
                                    (II) administering award 
                                competitions; and
                    (B) not less than 1 shall be from each of--
                            (i) the Department of Energy;
                            (ii) the Environmental Protection Agency;
                            (iii) the Food and Drug Administration of 
                        the Department of Health and Human Services;
                            (iv) the National Institutes of Health of 
                        the Department of Health and Human Services;
                            (v) the National Institute for Occupational 
                        Safety and Health of the Department of Health 
                        and Human Services;
                            (vi) the National Institute of Standards 
                        and Technology of the Department of Commerce; 
                        and
                            (vii) the National Science Foundation.
    (d) Awards.--The board established under subsection (c) shall make 
awards under the program established under subsection (a) as follows:
            (1) Financial prize.--The board may hold a financial award 
        competition and award a financial award in an amount determined 
        before the commencement of the competition to the first 
        competitor to meet such criteria as the board shall establish.
            (2) Recognition prize.--The board may recognize an eligible 
        person for superlative achievement in 1 or more nanotechnology 
        applications described in subsection (a). The award shall not 
        include any financial remuneration.
    (e) Administration.--
            (1) Contracting.--The board established under subsection 
        (c) may contract with a private organization to administer a 
        financial award competition described in subsection (d)(1).
            (2) Solicitation of funds.--A member of the board or any 
        administering organization with which the board has a contract 
        under paragraph (1) may solicit funds from a private person to 
        be used for a financial award under subsection (d)(1).
            (3) Limitation on participation of donors.--The board may 
        allow a donor who is a private person described in paragraph 
        (2) to participate in the determination of criteria for an 
        award under subsection (d), but such donor may not solely 
        determine the criteria for such award.
            (4) No advantage for donation.--A donor who is a private 
        person described in paragraph (2) shall not be entitled to any 
        special consideration or advantage with respect to 
        participation in a financial award competition under subsection 
        (d)(1).
    (f) Intellectual Property.--The Federal Government may not acquire 
an intellectual property right in any product or idea by virtue of the 
submission of such product or idea in any competition under subsection 
(d)(1).
    (g) Liability.--The board established under subsection (c) may 
require a competitor in a financial award competition under subsection 
(d)(1) to waive liability against the Federal Government for injuries 
and damages that result from participation in such competition.
    (h) Annual Report.--Each year, the board established under 
subsection (c) shall submit to Congress a report on the program 
established under subsection (a).
    (i) Authorization of Appropriations.--There are authorized to be 
appropriated sums for the program established under subsection (a) as 
follows:
            (1) For administration of prize competitions under 
        subsection (d), $750,000 for each fiscal year.
            (2) For the awarding of a financial prize award under 
        subsection (d)(1), in addition to any amounts received under 
        subsection (e)(2), $2,000,000 for each fiscal year.
Output: Nanotechnology Innovation and Prize Competition Act of 2008 - Directs the Secretary of Commerce to establish a program to award prizes to eligible persons for achievement in one or more applications of nanotechnology for: (1) improvement of the environment, consistent with Twelve Principles of Green Chemistry of the Environmental Protection Agency (EPA); (2) development of alternative energy that has the potential to lessen the dependence of the United States on fossil fuels; (3) improvement of human health, consistent with regulations promulgated by the Food and Drug Administration (FDA); (4) development of consumer products; and (5) advancement in the field of nanoelectronics.

Describes an eligible person as an individual who is: (1) a citizen or legal resident of the United States; (2) a member of a group that includes U.S. citizens or legal residents; or (3) an entity that is incorporated and maintains its primary place of business in the United States.

Requires establishment of a board to administer and make awards under such program by: (1) holding a financial award competition and making an award to the first competitor to meet such criteria as the board shall establish; and (2) recognizing (without financial remuneration) an eligible person for superlative achievement in one or more of the nanotechnology applications described above.

Authorizes the board to contract with a private organization to administer such a financial award competition. Prohibits the federal government from acquiring an intellectual property right in any product or idea by virtue of the submission of such product or idea in any such competition.

Requires the board to submit annual reports to Congress on the nanotechnology award program established by this Act.