What is that stuff in bold? That doesn’t even logically follow. Reagan extended it by signing a law, but in 2007 it would have to be extended by a Constitutional amendment (the only thing that requires state ratification)?
What may lie behind this Urban Legend is the fact that certain states, including parts of North Carolina, are required to obtain pre-approval for their redistricting from the Federal government to ensure that the rights of minority voters are not diluted by careful gerrymandering. That requirement does have a time limitation and will expire unless extended.