American Innovation Act of 2008

[AI summary unavailable — showing source text] American Innovation Act of 2008 - Directs the Secretary of Energy to carry out the Alternative Fuel Vehicle Innovation Prize program to award cash prizes to eligible contestants to advance the research, development, demonstration, and commercial application of alternative fuel vehicles, including: (1) a $10 billion grand prize for the production of a prototype alternative fuel vehicle meeting fuel efficiency, emissions, cost, and commercial application criteria; and (2) $100 million in additional prizes for substantial advancements in specific areas of alternative vehicle technologies, components, or systems or for transformational changes in technology. Establishes the Innovation Trust Fund in the Treasury, to be funded with amounts attributable to the exploration for, development of, or production of oil, natural gas, or oil shale located on federal lands in the Outer Continental Shelf (OCS) or in the Arctic National Wildlife Refuge (ANWR). Directs the Secretary of the Treasury to transfer amounts in the Fund that are not required to carry out this Act to the account for public debt reduction. Declares without force or effect all existing federal law prohibiting spending appropri…