Nanotechnology Innovation and Prize Competition Act of 2008

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.