H.R.1340 - Federal Government - To amend the Internal Revenue Code of 1986 to promote freedom, fairness, and economic opportunity by establishing National Enterprise Zones to promote prosperity in economically depressed areas.

National Enterprise Zone Act of 2007 - Amends the Internal Revenue Code to direct the Secretary of the Treasury to designate areas in the United States and its possessions as National Enterprise Zones and to publish a list of such Zones. Requires a Zone to: (1) have more than 50,000 residents; (2) have a poverty rate of two times the national poverty rate; and (3) have an unemployment rate two times the national average.

Allows corporate and noncorporate taxpayers with taxable income from an active trade or business within such a Zone to elect a reduced alternative income tax in lieu of existing income and alternative minimum tax rates.

Requires the Secretary to study and report to Congress on the effectiveness of such program.