Small Business CHOICE Act of 2008

Small Business Cooperative for Healthcare Options to Improve Coverage for Employees (CHOICE) Act of 2008 or the Small Business CHOICE Act of 2008 - Provides for the establishment and governance of Fully Funded Small Business Health Insurance cooperatives, which are small businesses that form a captive insurance company chartered in a qualified state to provide excess claims coverage insurance that meets certain qualifications to its members.

Directs the Secretary of the Treasury to establish an independent commission on Fully Funded Small Business Health Insurance Cooperatives to: (1) promote the development of such cooperatives; (2) make recommendations to the Secretary regarding minimum capital requirements; and (3) conduct oversight of such cooperatives.

Exempts such cooperatives from certain state laws, rules, regulations, or orders, including any that would: (1) prohibit the establishment of a cooperative; (2) impose any material requirements, procedures, or standards on a cooperative that are not generally applicable to other entities engaged in a substantially similar business; or (3) discriminate against a cooperative or any of its members.

Preempts any state law that conflicts with, hinders, poses an obstacle to, or frustrates the purpose of this Act.

Sets forth provisions governing the provision of claims information, including protected health information, from health insurance issuers to cooperatives.

Amends the Internal Revenue Code to establish the small business CHOICE tax credit for small employers for costs related to providing qualified employer-subsidized health coverage for employees and their families. Disallows such a credit unless the employee offers a qualified small business wellness program to covered employees and family members.