Nicholas and Zachary Burt Memorial Carbon Monoxide Poisoning Prevention Act of 2014 - Directs the Consumer Product Safety Commission (CPSC) to establish a grant program to provide assistance to states that require compliant carbon monoxide alarms to be installed in dwelling units.

Defines "compliant carbon monoxide alarm" as an alarm that complies with the American National Standard for Single and Multiple Station Carbon Monoxide Alarms as well as the American National Standard for Gas and Vapor Detectors and Sensors.

Permits states receiving grants to use such funds to: (1) purchase and install such alarms in dwelling units of low-income families or elderly persons, childcare facilities, public schools, senior centers, or student dwelling units owned by public universities; (2) train state or local fire code enforcement officials regarding compliance and installation; and (3) educate the public about the risk of carbon monoxide poisoning.