Clean Air and Water Investment Act of 2007 - Amends the Internal Revenue Code to include air and water pollution control facilities among the projects for which tax exempt facility bonds may be issued.
Defines such facilities as any property: (1) to be used to abate or control water or atmospheric pollution or contamination by removing, altering, disposing, or storing pollutants, contaminants, wastes, or heat; (2) which is either land or of a character subject to the allowance for depreciation; and (3) that a federal, state, or local agency has certified is designed for abating or controlling atmospheric or water pollution or for meeting local requirements for controlling such pollution. Provides that a water pollution control facility includes the necessary intercepting sewers, pumping, power, and other equipment, and their appurtenances.
Makes this Act applicable to bonds issued after December 31, 2006.