In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

SECTION 1. SHORT TITLE.

This Act may be cited as the ''Strengthening Our Economy Through
Small Business Innovation Act of 2008''.

SEC. 2. SENSE OF THE SENATE.

It is the sense of the Senate that--
(1) this Nation's small businesses are the source of nearly
50 percent of our country's employment;
(2) small businesses have been and are a leading source of
this country's innovation and entrepreneurial strategies and
skills;
(3) small technology businesses tend to be highly
innovative, play a substantial role in technological
advancement, and contribute to the standard of living in this
country;
(4) the SBIR and STTR programs can result and have resulted
in the development and commercialization of new products and
processes;
(5) the Federal Government should give particular
encouragement to small businesses that address priority
national interests, including water security, energy
innovation, transportation efficiencies and domestic security
needs; and
(6) the SBIR and STTR programs should be extended for these
purposes and the administrative costs associated with such
extensions should be borne by the respective Federal
departments and agencies.

SEC. 3. EXTENSION OF TERMINATION DATES.

(a) SBIR.--Section 9(m) of the Small Business Act (15 U.S.C.
638(m)) is amended by striking ''2008'' and inserting ''2022''.
(b) STTR.--Section 9(n)(1)(A) of the Small Business Act (15 U.S.C.
638(n)(1)(A)) is amended by striking ''2009'' and inserting ''2023''.

SEC. 4. INCREASE IN THE ALLOCATION OF FEDERAL AGENCY GRANTS FOR SBIR
AND STTR PROGRAMS.

(a) SBIR Program Expenditures.--Section 9(f)(1) of the Small
Business Act (15 U.S.C. 638(f)(1)) is amended by striking subparagraphs
(A) through (C) and inserting the following:
''(1) not less than 2.5 percent of such budget in fiscal
year 2008;
''(2) not less than 5.0 percent of such budget in fiscal
year 2009;
''(3) not less than 7.5 percent of such budget in fiscal
year 2010; and
''(4) not less than 10.0 percent of such budget in fiscal
year 2011 and each fiscal year thereafter,''.
(b) STTR Program Expenditures.--Section 9(n)(1)(B) of the Small
Business Act (15 U.S.C. 638(n)(1)(B)) is amended by striking clauses
(i) and (ii) and inserting the following:
''(i) not less than 0.3 percent in fiscal
year 2008;
''(ii) not less than 0.6 percent in fiscal
year 2009;
''(iii) not less than 0.8 percent in fiscal
year 2010; and
''(iv) not less than 1.0 percent in fiscal
year 2011 and each fiscal year thereafter.''.

SEC. 5. INCREASED SBIR AND STTR AWARD LEVELS.

(a) SBIR Award Level.--Section 9(j)(2)(D) of the Small Business Act
(15 U.S.C. 638(j)(2)(D)) is amended--
(1) by striking ''$100,000'' and inserting ''$300,000'';
and
(2) by striking ''$750,000'' and inserting ''$2,200,000''.
(b) STTR Award Level.--Section 9(p)(2)(B)(ix) of the Small Business
Act (15 U.S.C. 638(p)(2)(B)(ix)) is amended--
(1) by striking ''$100,000'' and inserting ''$300,000'';
and
(2) by striking ''$750,000'' and inserting ''$2,200,000''.

SEC. 6. INCLUSION OF ENERGY, SECURITY, TRANSPORTATION, AND WATER
RELATED RESEARCH IN THE LIST OF TOPICS DESERVING SPECIAL
CONSIDERATION AS SBIR RESEARCH TOPICS.

Section 9(g)(3) of the Small Business Act (15 U.S.C. 638(g)(3)) is
amended--
(1) in the matter preceding subparagraph (A), by inserting
''or pressing research priorities'' after ''critical
technologies'';
(2) in subparagraph (A) by striking ''or'' at the end; and
(3) by adding at the end the following:
''(C) the National Academy of Sciences in the final
report issued by the America's Energy Future:
Technology Opportunities, Risks, and Tradeoffs project
that relate to emerging renewable energy, energy
efficiency, or renewable fuels technologies, or in
subsequent reports relating to such technologies;
''(D) the National Academy of Sciences in the final
report issued by the Transit Research and Development:
Federal Role in the National Program project, the
Research and Innovative Technology Administration of
the Department of Transportation in the report entitled
'Transportation Research, Development and Technology
Strategic Plan (2006-2010)', or the National Academy of
Sciences or the Department of Transportation in
subsequent reports relating to transportation and
infrastructure;
''(E) the Committee on Water System Security
Research of the National Academy of Sciences in the
2007 report by the committee, entitled 'Improving the
Nation's Water Security; Opportunities for Research' or
the 2006 report by the committee, entitled 'Public
Water Distribution Systems: Assessing and Reducing
Risks', or by the National Academy of Sciences or the
Environmental Protection Agency in subsequent reports
relating to improving the Nation's water supply and
security;
''(F) the Government Accountability Office, in--
''(i) the report entitled 'Homeland
Security: First Responders' Ability to Detect
and Model Hazardous Releases in Urban Areas Is
Significantly Limited', GAO-08-180, issued June
27, 2008;
''(ii) the report entitled 'Nuclear
Security: NRC and DHS Need to Take Additional
Steps to Better Track and Detect Radioactive
Materials', GAO-08-598, issued June 19, 2008;
or
''(iii) the report entitled 'Supply Chain
Security: Challenges to Scanning 100 Percent of
U.S.-Bound Cargo Containers', GAO-08-533T,
issued June 12, 2008; or
''(G) the National Academy of Science, in the
report entitled 'Toward a Safer and More Secure
Cyberspace' or in subsequent reports by the National
Academy of Science relating to cybersecurity and which
shall include cybersecurity technologies also designed
to protect privacy;''.

SEC. 7. OFFSET.

The Secretary of Defense shall terminate the Airborne Laser
program.
Strengthening Our Economy Through Small Business Innovation Act of 2008 - Amends the Small Business Act to extend: (1) the Small Business Innovation Research (SBIR) program through FY2022; and (2) the Small Business Technology Transfer (STTR) program through FY2023.

Increases, for FY2009 and thereafter, the percentage allocation of a federal agency's annual extramural research and development budget that may be allocated to SBIR and STTR programs.

Increases, for both the SBIR and STTR programs, the individual small business award levels for program participation at phase one and two levels.

Includes energy, security, transportation, and water related research topics as "special consideration" SBIR research topics.

Directs the Secretary of Defense to terminate the Airborne Laser program.