H.R.1229 - Federal Government - To amend title VII of the Tariff Act of 1930 to provide that the provisions relating to countervailing duties apply to nonmarket economy countries, and for other purposes.

Nonmarket Economy Trade Remedy Act of 2007 - Amends the Tariff Act of 1930 to apply countervailing duties to nonmarket economies.

Authorizes the use of alternative methodologies in determining whether a subsidy is countervailable with respect to the People's Republic of China (PRC).

Requires congressional approval for revocation of nonmarket economy country determinations made by the administering authority.

Requires a United States International Trade Commission study of how the PRC uses government intervention to promote investment, employment, and exports.