S.434: A bill to amend title XXI of the Social Security Act to permit qualifying States to use a portion of their allotments under the State children's health insurance program for any fiscal year for certain medicaid expenditures.

Children's Health Equity Technical Amendments Act of 2007 - Amends title XXI (State Children's Health Insurance Program) (SCHIP) of the Social Security Act to permit qualifying states to use up to 20% of their SCHIP allotment for any fiscal year (currently, only for FY1998-FY2007) for certain Medicaid expenditures for individuals under age 19 whose family income exceeds 150% of the poverty line.

Revises the eligibility requirements for such allowable expenditures to reduce the family income threshold from a minimum of 150% of the poverty line to a minimum of 125% of the poverty line.