Oils and fats Legislation - Federal Government

Renewable Fuels and Energy Independence Promotion Act of 2007 - Amends the Internal Revenue Code to make permanent the income and excise tax credits for alcohol and biodiesel used as fuel.

Amends the Harmonized Tariff Schedule of the United States to move the effective date for tariff duties on ethyl alcohol and ethyl tertiary-butyl ether (ethanol) to the effective date of this Act.

Expresses the sense of Congress that: (1) Congress and the Executive Branch should aggressively pursue development and rapid, commercial deployment of a diverse portfolio of new and existing energy technologies; (2) Congress should pursue development of policies to promote specified efficiency initiatives; (3) Congress should pursue policies that create a sustainable market for the commercial deployment of alternative and energy efficiency technologies; and (4) Congress, the Executive Branch, and state and local governments, as well as utilities and industry leaders, should be actively engaged in consumer education initiatives surrounding available approaches to energy diversity and efficiency.

Reiterates Congress' commitment to developing alternative and renewable energy, in particular biodiesel and other biofuels, and expressly supports the research and development of biodiesel and biofuels from agricultural products and byproducts within California.

Amends the Clean Air Act to prescribe: (1) the volume of renewable fuel that gasoline sold in the United States must contain in calendar years 2013 through 2025; and (2) a formula for determining the applicable volume for calendar years after 2025. Repeals provisions requiring a minimum quantity of renewable fuel to be derived from cellulosic biomass. Provides that 1.0 gallon of a fuel blend containing 85% ethanol and 15% gasoline shall be considered to be the equivalent of 1.5 gallons of renewable fuel.

Amends the Clean Air Act to allow any person that is unable to generate or purchase sufficient credits to meet renewable fuel requirements to carry forward a renewable fuel deficit in calendar year 2008, 2009, or 2010 for three years in lieu of the one calendar year currently allowed.

Splash and Dash Correction Act of 2008 - Amends the Internal Revenue Code to disallow income and excise tax credits for alcohol and biodiesel used as fuel and other alternative fuels or mixtures unless such fuels are produced in or imported into the United States for consumption.

Atlantic Menhaden Conservation Act - Imposes a fishing moratorium regarding Atlantic menhaden that are reduced to meal and oil for the coastal waters of each coastal state north of South Carolina, including Pennsylvania, the District of Columbia, and the Potomac River Fisheries Commission.

Requires studies and reports.

Makes it unlawful to engage, or to attempt to engage, in the commercial harvesting, in the Exclusive Economic Zone (EEZ), of Atlantic menhaden that are reduced to meal and oil.

Makes it unlawful to engage, or to attempt to engage, in commercial harvesting of Atlantic menhaden for reduction purposes in Atlantic coastal waters or in the Exclusive Economic Zone (EEZ).

Requires a related report to Congress from the Atlantic States Marine Fisheries Commission, in cooperation with the National Oceanic and Atmospheric Administration (NOAA).

Trans Fat Truth in Labeling Act of 2007 - Directs the Commissioner of Food and Drugs to promulgate a final regulation revising federal regulations applicable to the declaration of the trans fat content on a food label to require that if the trans fat content of a serving of a food is less than .5 grams and is declared in the nutrition information on the label or in the labeling of the food, such content shall be expressed through the use of an asterisk or other notation stating that such content is less than .5 grams (instead of zero).