Federal Aviation Administration Extension Act of 2007 - Amends federal transportation law to provide funding for airport planning and development and noise compatibility planning programs for the six-month period beginning October 1, 2007. Extends until March 31, 2008: (1) the authority of the Secretary of Transportation (Secretary) to incur obligations to make grants under such programs; and (2) the 95% temporary increase in the federal government's share of certain airport improvement program costs.
Directs the Administrator of the Federal Aviation Administration (FAA) to calculate funding apportionments for airport development programs in FY2008 in accordance with a specified formula.
Extends through FY2008 the period for final orders issued by the Secretary with respect to eligibility for essential air service compensation.