Homeland Security Trust Fund Act of 2007

Homeland Security Trust Fund Act of 2007 - Establishes in the Treasury the Homeland Security and Neighborhood Safety Trust Fund. Expresses the sense of the Senate that the Senate Finance Committee should report legislation that: (1) increases revenues by $53.3 billion during taxable years 2007-2011 by reducing scheduled income tax reductions for taxpayers with taxable incomes exceeding $1 million; and (2) appropriates such revenues to the Fund.

Authorizes appropriations from the Fund for: (1) the Office of Community Oriented Policing Services for grants to state, local, and tribal law enforcement and to enhance state and local government interoperable communications efforts; (2) the Justice Assistance Grant; and (3) the Office of Domestic Preparedness for Fire Act grants and SAFER grants.

Amends the Communications Act of 1934 to require the Federal Communications Commission (FCC) to complete the assignment of specified electromagnetic spectrum for public safety services and permit their operation by January 1, 2007.

Authorizes appropriations from the Fund to: (1) implement FCC recommendations; (2) support state and local government law enforcement and first responders; (3) ensure the inspection and scanning of 100% of cargo containers destined for U.S. ports and the scanning of domestic air cargo; (4) protect critical infrastructure and other high threat targets; (5) enhance public health sector preparedness to prevent and respond to biological and nuclear terrorism; (6) develop scanning technologies to detect dangerous substances at U.S. ports of entry; and (7) protect other high risk targets.

Establishes within the executive branch a Homeland Security Spending Advisory Board.