Homeland Security Information Sharing Act

(Sec. 3) Directs the President to prescribe procedures under which Federal agencies determine: (1) how homeland security information may be shared with State and local personnel, how to identify and safeguard information that is sensitive but unclassified, and how to remove classified information (as appropriate); and (2) with which personnel such information may be shared.

Requires all appropriate agencies, including the intelligence community, to share homeland security information, along with assessments of its credibility, with State and local personnel through information sharing systems, in accordance with such procedures. Requires such procedures to limit the re-dissemination of shared information to ensure that it is not used for an unauthorized purpose, to ensure the security and confidentiality of such information to protect the rights of covered individuals, to provide data integrity through the timely removal and destruction of obsolete or erroneous names and information, to ensure that the information sharing system used includes existing information sharing systems, and to ensure that appropriate State and local personnel are authorized to use such information sharing systems. Requires that each appropriate Federal agency have access to each information sharing system and the information within it.

Directs the President to prescribe procedures under which Federal agencies may share classified homeland security information with State and local personnel, including through non-disclosure agreements and increased use of information sharing partnerships.

Provides that information obtained by a State or local government from a Federal agency shall remain under the control of the Federal agency and shall not be subject to a State or local information disclosure law.

(Sec. 4) Directs the President to report to congressional intelligence and judiciary committees on Act implementation and recommendations to increase the effectiveness of information sharing.

(Sec. 5) Authorizes appropriations.

(Sec. 6) Amends Rule 6 of the Federal Rules of Criminal Procedure to permit the sharing of grand jury information that pertains to foreign intelligence or counterintelligence with State or local law enforcement personnel, and with foreign officials, consistent with such guidelines as the Attorney General and the Director of Central Intelligence shall jointly issue.

(Sec. 7) Amends the Federal criminal code to authorize the sharing of intercepted electronic, wire, and oral communications or derived information by the government with: (1) foreign investigative or law enforcement officers for the performance of official duties; and (2) Federal, State, local, or foreign government officials if such information reveals a threat of an attack or other hostile act by a foreign power, sabotage, terrorism, or clandestine intelligence gathering activity by a foreign power, for the purpose of preventing or responding to such a threat.

(Sec. 8) Amends the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT ACT) of 2001 to authorize the disclosure to Federal, State, local, and foreign government officials of information obtained as part of a criminal investigation that reveals such a threat, for the purpose of preventing or responding to such a threat.

(Sec. 9) Amends the Foreign Intelligence Surveillance Act of 1978 to allow Federal officers who conduct electronic surveillance or physical searches to acquire foreign intelligence information to consult with State or local officials to coordinate efforts to investigate or protect against attacks, sabotage, or clandestine intelligence activities by a foreign power.