Homeland Security Information Sharing Act - Directs the President to: (1) prescribe procedures for Federal agencies for sharing homeland security information with State and local personnel, for identifying and safeguarding homeland security information that is sensitive but unclassified, and for removing classified information; and (2) ensure that such procedures apply to all Federal agencies.

Requires all appropriate agencies including the intelligence community, under procedures prescribed by the President, to share homeland security information (with credibility assessments) with State and local personnel. Directs that: (1) such procedures establish conditions on the use of information shared to limit the re-dissemination of information, ensure information security and confidentiality, protect the rights of individuals who are subjects of such information, and provide data integrity through timely removal and destruction of obsolete or erroneous information, and include existing information sharing systems; and (2) each appropriate Federal agency have access to each information sharing system and the information within it.

Directs the President to prescribe procedures under which Federal agencies may share classified homeland security information with appropriate State and local personnel, including through security clearance investigations, non-disclosure agreements (for information that is sensitive but unclassified), and increased use of information-sharing partnerships.

Directs that information obtained by a State or local government from a Federal agency under this Act remain under the Federal agency's control, and that a State or local law authorizing or requiring such a government to disclose information not apply to such information.