Market Incentives for Biobased Products Act of 2007 - Amends the Farm Security and Rural Investment Act of 2002 to revise labeling requirements for federal procurement of biobased products, including providing for consultation with other federal agencies and interested nongovernmental groups.
Extends and revises funding provisions to provide for separate authorization of appropriations for: (1) federal procurement; (2) testing; and (3) labeling.
Revises reporting provisions.