Innovation Employment Act

Innovation Employment Act - Amends the Immigration and Nationality Act to increase the annual H-1B nonimmigrant visa (specialty occupation) cap from 65,000 to 130,000 starting in FY2008.

Provides that for FY2010-FY2015 if the cap has been reached in the prior year the current cap would increase to the greater of 180,000 and the limitation applicable for the previous year increased by 20% percent.

Exempts from H-1B caps an alien who has earned a master's or higher degree from a U.S. institution of higher education in science, technology, engineering, or mathematics and with respect to whom the petitioning employer requires such education as a condition for employment.

Establishes a 20,000 annual cap for aliens who earned a master's or higher degree from an institution of higher education outside of the United States in science, technology, engineering, or mathematics and with respect to whom the petitioning employer requires such education as a condition for employment.

Revises H-1B provisions to: (1) require an employer to provide specified job information in the employment advertisement; (2) authorize the Secretary of Labor to initiate an H-1B employer investigation; (3) increase employer penalties; and (4) provide whistleblower protections.