Reclamation Water Settlements Fund Act of 2007 - Establishes in the Treasury a Reclamation Water Settlements Fund.
Requires the Secretary of the Treasury, for each of the ten years after enactment of this Act, to deposit in such Fund an amount equal to 30% of the revenues generated within the external boundaries of New Mexico that would otherwise be deposited in a reclamation fund established by the Act of June 17, 1902.
Instructs the Secretary of the Treasury, upon request of the Secretary of the Interior, to transfer to such Secretary such amounts in the Fund as are necessary to fund any activities of the Bureau of Reclamation related to Indian water rights settlements in New Mexico that are approved by Congress and that are associated with the planning, designing, or construction of: (1) water supply infrastructure; or (2) a project to rehabilitate a water delivery system to conserve water.