Ocean Thermal Energy Tax and Energy Credits Act of 2007

Ocean Thermal Energy Tax and Energy Credits Act of 2007 - Amends the Internal Revenue Code to allow the tax credit for electricity produced from renewable resources and the investment energy tax credit for ocean thermal energy conversion.

Extends eligibility for the tax credit for production of electricity from ocean thermal energy conversion resources to transactions taking place in: (1) Guam, American Samoa, the Commonwealth of the Northern Marianas Islands, the U.S. Virgin Islands, or Puerto Rico; (2) the Republic of the Marshall Islands, the Federated States of Micronesia, or the Republic of Palau; or (3) any U.S. installation worldwide, including military bases, embassies, and other facilities.