To provide for the redeployment of United States Armed Forces and defense contractors from Iraq.

Requires the Secretary of Defense: (1) within 90 days after the enactment of this Act, to commence the redeployment of units and members of the Armed Forces (U.S. forces) deployed in Iraq as part of Operation Iraqi Freedom and defense contractors operating in Iraq and funded using amounts appropriated to the Department of Defense (DOD); and (2) to complete such redeployment by June 30, 2008.

Authorizes the Secretary to retain in Iraq U.S. forces for: (1) providing security for embassy and diplomatic missions; (2) protecting American citizens; (3) serving in roles consistent with diplomatic positions; (4) engaging in targeted special actions of killing or capturing members of al-Qaeda and other terrorist organizations with global reach; and (5) training and equipping members of the Iraqi Security Forces.

Makes funds immediately available to plan and execute a redeployment of U.S. forces and defense contractors from Iraq.

Requires the President to transfer to the government of Iraq all right, title, and interest held by the United States in any military facility in Iraq that was constructed, repaired, or improved using amounts appropriated to DOD and occupied by U.S. forces.

Prohibits any funds from being used to further deploy U.S. forces to Iraq after completion of the redeployment, unless specifically authorized by Congress.

Prohibits anything in this Act from being construed to: (1) restrict the locations outside of Iraq to which U.S. forces redeployed from Iraq may be transferred; (2) prohibit or otherwise restrict the use of funds available to DOD for the purpose of providing financial assistance or equipment to the Iraqi Security Forces or multinational forces providing security or training in Iraq at the request of the government of Iraq; (3) prohibit or otherwise restrict the use of funds available to any department or agency of the United States (other than DOD) to carry out diplomatic, social, and economic reconstruction activities in Iraq at the request of the government of Iraq; and (4) prohibit or otherwise restrict the authority of the President to arrange asylum or other means of protection for Iraqi citizens who might be physically endangered by the redeployment of U.S. forces from Iraq.