SCHIP Reauthorization and Reform Act of 2007

SCHIP Reauthorization and Reform Act of 2007 - Amends title XXI (State Children's Health Insurance) (SCHIP) of the Social Security Act to require the state SCHIP plan to specify how it will achieve coverage for 90% of targeted low-income children.

Prohibits SCHIP payments for children with family income above 250% of the poverty line. Sets forth special rules for payment for children with family income above 200% of the poverty line.

Provides for: (1) standardization of income determinations; (2) the application of citizenship documentation requirements; (3) an increased federal matching rate for citizenship documentation enforcement under Medicaid and SCHIP; and (4) temporary increase in federal matching rate for Medicaid and SCHIP administrative costs.

Sets limitations on eligibility based on substantial net assets.

Provides for easing administrative barriers to state cooperation with employer-sponsored insurance coverage.

Requires the offering of alternative coverage options.

Revises requirements for allotments to the 50 states and the District of Columbia.

Prohibits redistribution of unused allotments.

Reauthorizes SCHIP through FY2012.