Farm Safety Net Improvement Act of 2007 - Amends the Farm Security and Rural Investment Act of 2002 to extend (through crop year 2012) and revise the counter-cyclical payment program.
Makes payments available in a state for a covered commodity if the actual state revenue (as defined by this Act) for the commodity is less than the revenue counter-cyclical program guarantee (as defined by this Act) for the commodity. (Under current law, payments are provided if a commodity's effective price is less than its target price.)
Provides recourse loans for covered commodities through crop year 2012.
Directs the Secretary of Agriculture, through the Risk Management Agency, to identify necessary actions to ensure that federal crop insurance programs are properly rated to account for a rebalancing of risk resulting from enactment of this Act.