Small Business Growth Act of 2007 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to provide for establishment and governance of association health plans (AHPs), which are group health plans that meet certain ERISA certification requirements and whose sponsors are trade, industry, professional, chamber of commerce, or similar business associations.
Requires the Secretary to establish a Solvency Standards Working Group.
Preempts any state law that may preclude a health insurance issuer from: (1) offering health insurance coverage in connection with a certified AHP; or (2) offering health insurance coverage of the same policy type to other employers operating in the state that are eligible for coverage under such AHPs, whether or not such other employers are participating employers in such plan.
Amends the Internal Revenue Code to extend through 2011 the increased expensing allowance for small business assets.
Amends the Paperwork Reduction Act to prohibit agency heads from imposing civil fines for first-time paperwork violations by small business concerns unless certain requirements are met.
Amends Rule 11 of the Federal Rules of Civil Procedure to require courts to impose sanctions on attorneys, law firms, or parties who file frivolous lawsuits. Sets forth provisions concerning: (1) additional sanctions for willful and intentional destruction of certain documents; and (2) public disclosure of Rule 11 proceedings.
Amends the Small Business Act to increase the government-wide goal for procurement contracts awarded to small businesses concerns to 25% (currently, 23%) of federal procurement contracts awarded in a fiscal year.