Clean Air Planning Act of 2007

Clean Air Planning Act of 2007 - Amends the Clean Air Act to establish national pollutant tonnage limitations for sulfur dioxide, nitrogen oxides, mercury, and carbon dioxide. Provides that each ton of emissions emitted by a covered unit in excess of permitted allowances shall be considered to be a separate violation.

Directs the Administrator of the Environmental Protection Agency (EPA) to: (1) establish a nitrogen oxide allowance trading program; (2) promulgate regulations to ensure the equitable issuance of such allowances to facilities that use more than one energy source to produce electricity and facilities that produce electricity in addition to another service or product; (3) establish a reserve of such allowances to be set aside for use by new units in zones one and two; (4) allocate a certain proportion of such allowances to affected units (certain fossil fuel-fired electric generating facilities) in a certain period; (5) establish a nitrogen oxide allowance transfer system; and (6) provide for the use and transfer of such allowances.

Subjects certain units to annual emission limitations for inlet mercury.

Directs the Administrator to: (1) establish a carbon dioxide allowance trading program; (2) promulgate regulations relating to offsets produced by agricultural sequestration practices; (3) establish a reserve of carbon dioxide allowances to be allocated to new covered units; (4) allocate a specified amount of carbon dioxide allowances to certain covered units and prohibit allocations to any coal-fired unit unless it is powered by advanced clean coal technology; and (5) establish requirements concerning offset allowances (and early reduction allowances) for greenhouse gas (GHG) reduction or sequestration projects. Provides that GHG reduction or sequestration projects from specified types of operations and projects are eligible to create such offsets. Authorizes the Administrator to create additional categories of feasible GHG emissions reduction or sequestration offset projects. Requires the Administrator to promulgate regulations concerning early reduction allowances for such projects.

Authorizes the use and transfer of allowances in other carbon dioxide allowance trading programs that are approved by the Administrator. Provides for the distribution of allowances.

Provides for the establishment of: (1) the Climate Action Trust Fund; and (2) an innovative low- and zero-emitting carbon technologies program, a clean coal technologies program, a research and analysis program, and an energy efficiency technology program. Requires the Administrator to use the Fund to support such programs, provide adaptation assistance for workers and communities negatively affected by climate change and GHG regulation, and mitigate the impacts on fish and wildlife habitat.

Revises the new source review program to set forth performance standards for sulfur dioxide and nitrogen oxides for each affected unit that has been in operation for 40 or more years as of January 1, 2020, and that operates for more than 500 hours per year.

Revises the sulfur dioxide allowance program to: (1) establish an allowance reserve for new units; (2) change provisions concerning the treatment of excess emissions of sulfur dioxide; and (3) rescind provisions concerning excess emissions of nitrogen oxide.

Sets forth standards of performance and limitations for new electric generating units that commence operation on or after January 1, 2015.

Requires the EPA Administrator to promulgate regulations limiting emissions of hazardous air pollutants, other than mercury, from electric utility steam generating units.