Kids Come First Act of 2007

Kids Come First Act of 2007 - Amends title XIX of the Social Security Act (SSA) to give states the option to receive 100% Federal Medicaid Assistance Percentages (FMAPs) for medical assistance for children in poverty in exchange for expanded coverage of children in working poor families under Medicaid (SSA title XIX) or SCHIP (SSA title XXI (State Children's Health Insurance)).

Eliminates the cap on SCHIP funding for states that expand eligibility for children.

Gives states the option to: (1) provide wrap-around SCHIP coverage to children who have other health coverage; (2) enroll low-income children of state employees in SCHIP; (3) provide optional coverage of legal immigrant children under Medicaid and SCHIP; and (4) provide for passive renewal of eligibility for children under Medicaid and SCHIP.

Amends the Internal Revenue Code to provide for: (1) a refundable income tax credit for health insurance coverage of children; and (2) forfeiture of the personal tax exemption for any child not covered by health insurance.

Amends the Employee Retirement Income Security Act of 1974 and the Public Health Service Act to require group market health insurers to offer a dependent coverage option for workers and other individuals with children.