To amend the Internal Revenue Code of 1986 to provide increased incentives for business investments in low-income communities and small businesses.

Amends the Internal Revenue Code, with respect to the new markets tax credit, to: (1) increase the national limit on the credit for FY 2003 and FY 2004; (2) require regulations under which one or more targeted populations may be treated as low-income communities, without regard to stated targeted area guidelines; and (3) include as a qualified community development entity any conditionally approved New Markets Venture Capital Company.