New Markets for State-Inspected Meat and Poultry Act of 2007

New Markets for State-Inspected Meat and Poultry Act of 2007 - Rewrites and renames title III (currently titled,"Federal and State Cooperation") of the Federal Meat Inspection Act as "State Meat Inspection Programs."

States that: (1) the goal of a safe and wholesome supply of meat and meat food products would be better served if a consistent set of requirements were applied to all meat and meat food products whether produced under state or federal inspection; (2) under such a system state and federal meat inspection programs would function together to ensure food safety; and (3) such a system would ensure the viability of state meat inspection programs.

Authorizes the Secretary of Agriculture to approve a qualifying state meat inspection program and allow the shipment in commerce of carcasses, parts of carcasses, meat, and meat food products so inspected. Sets forth eligibility requirements, including that a state must enforce the requirements of titles I, II, and IV of the Act and enter into a cooperative agreement with the Secretary. Requires the Secretary to review approved plans annually.

Directs the Secretary to review each state's meat and poultry inspection program, which shall include: (1) a determination of the plan's effectiveness; and (2) identification of changes necessary to ensure enforcement of federal inspection requirements.

Authorizes the Secretary to enter into a cooperative agreement with a state that, among other things: (1) establishes the terms governing the relationship between a state program and the Secretary; (2) requires a state to adopt provisions identical to titles I, II, and IV of the Act; and (3) meets labeling requirements.

Directs the Secretary to reimburse a state for at least 50% of the state's costs of meeting federal requirements.

Prohibits from state inspection plan participation establishments that have more than 50 employees, except for those subject to state inspection as of 90 days after the effective date of this Act.

Authorizes the Secretary to temporarily suspend or take over a noncomplying state program (or an establishment).

Permits an establishment in a state with an approved state program to apply for either state or federal inspection.

Exempts from such inspection provisions retail stores and restaurants (including specified central kitchen facilities) if the operations are conducted for sale of such prepared articles in normal retail quantities or for service of the articles to consumers at such establishment.

Makes similar amendments to the Poultry Products Inspection Act.

Prohibits a state or local government from prohibiting or restricting in interstate commerce the movement or sale of meat or meat food products that have been inspected and passed in accordance with the Act or the Poultry Products Inspection Act.