Next Generation Air Transportation System Financing Reform Act of 2007

Next Generation Air Transportation System Financing Reform Act of 2007 - Authorizes appropriations for FY2008-FY2010 for: (1) Federal Aviation Administration (FAA) air traffic control services; (2) FAA safety and operations; and (3) civil aviation research and development (R&D). Makes funds available for FY2008-FY2010 for the airport planning and development and noise compatibility planning programs (earmarking amounts for the airport cooperative research program).

Establishes certain user fees for aircraft owners or operators for FAA air traffic control and other related services.

Amends the airport improvement program to expand eligibility requirements for airport-related projects financed by passenger facility charges (currently, fees) to include projects for: (1) capital costs of the airport or local airport system; and (2) capital costs of a local facility directly related to air transportation of passengers or property that is available for public use. Revises requirements authorizing the imposition of passenger facility charges. Increases passenger facility charge amounts that can be imposed by an eligible agency.

Revises: (1) the federal share of costs for airport improvement projects; and (2) the formula for apportionment of airport development funds to specified airports.

Eliminates the Secretary of Transportation's (Secretary) small airport fund.

Authorizes the Administrator of the FAA to carry out a pilot program for certain airports to takeover operational responsibility for airport terminal area air navigation equipment.

Authorizes the Secretary to carry out a pilot program for non-federal acquisition of Automatic Dependent Surveillance-Broadcast (ADS-B) ground stations.

Establishes an Air Transportation System Advisory Board.

Authorizes the Secretary to establish the Realignment and Consolidation of Aviation Facilities and Services Commission to provide recommendations for consolidation of FAA services and facilities.

Sets forth requirements authorizing the Administrator to access criminal history records or data bases systems with regard to FAA employees.

Directs the Secretary to establish a program to evaluate market-based pricing mechanisms for domestic flights which may be adopted at congested airports.

Directs the Secretary to carry out an environmental mitigation demonstration pilot program to reduce the impact of aircraft in the vicinity of airports.

Extends the Secretary's authority to provide insurance and reinsurance against loss or damage arising out of any risk from the operation of a domestic or foreign aircraft.

Revises eligibility requirements under the essential air service program.

Terminates the Secretary's authority to set international mail rates.

Revises requirements regarding prices, classifications, rules, and practices set for foreign air transportation.

Amends the Internal Revenue Code to revise, on or after October 1, 2008, the tax rates imposed on aviation fuels. Extends the tax on the air transportation of persons and property through September 30, 2008. Decreases, on and after October 1, 2008, the tax imposed on persons for air transportation beginning or ending in the United States.

Extends the expenditure authority of the Airport and Airway Trust Fund through October 1, 2017.