Trade Adjustment Assistance and Training Improvements Act of 2007

Trade Adjustment Assistance and Training Improvement Act of 2007 - Amends the Trade Act of 1974 to revise requirements with respect to the filing of a petition for certification of eligibility to apply for trade adjustment assistance (TAA) by a group of adversely affected workers in a firm or subdivision (including agricultural firm or subdivision).

Revises TAA group eligibility requirements for such workers and for adversely affected secondary workers.

Sets forth a process for administrative reconsideration of Secretary of Labor determinations that deny certification of eligibility to apply for TAA by a group of adversely affected workers.

Revises: (1) trade readjustment allowance (TRA) eligibility requirements for adversely affected workers (including to provide for the the payment of an additional TRA provided certain conditions are met); and (2) training program requirements for adversely affected workers.

Establishes a program where adversely affected workers that have been certified for TAA may alternatively elect to receive wage supplement and health insurance costs tax credit benefits from the state provided certain requirements are met.

Authorizes the Secretary to award grants to community colleges or entities that provide training for occupations in demand in order to expand available training slots and prepare adversely affected workers for occupations in demand.

Extends the TAA program for firms and farmers through FY2012.

Amends the Internal Revenue Code to: (1) authorize the reduction of the credit against the federal unemployment tax liability of a state that fails to meet certain benchmark requirements in the provision of reemployment services and training to adversely affected workers under the TAA program; and (2) make TAA wage supplement recipients eligible for a health insurance costs tax credit.