Skilled Worker Immigration and Fairness Act - Amends the Immigration and Nationality Act to exempt from the annual H-1B (specialty occupation/fashion models) visa cap an alien who has: (1) earned a master's or higher degree in science, technology, engineering, or mathematics from an institution of higher education outside of the United States; or (2) been awarded a medical specialty certification based on post-doctoral training and experience in the United States.

Sets H-1B annual limits at: (1) 115,000 for FY2007; and (2) for each subsequent fiscal year, the greater of 115,000 or a market-based calculation.

Exempts from numerical limitations on employment-based immigrants: (1) aliens who have earned advanced degrees in science, technology, engineering, or math and have been working in their fields in the United States under a nonimmigrant visa in the three years prior to filing for adjustment; (2) recipients of national interest waivers; and (3) immediate relatives of employment-based immigrants.

Permits an alien (and dependents) to file for adjustment of status whether or not an employment-based immigrant visa is immediately available if: (1) a petition on behalf of the alien has been approved; or (2) adjudication of such petition is pending.

Revises H-1B provisions with respect to: (1) application fraud and misrepresentation; (2) employer penalties; (3) Department of Labor investigations; (4) Department of Labor and Department of Homeland Security (DHS) information sharing; (5) information provided to an H-1B nonimmigrant upon visa issuance; (6) prohibiting H-1B-exclusive employment advertising; and (7) prohibiting an employer of fewer than 50 employees in the United States from having more than 50% H-1B nonimmigrant employees.