Emergency Anti-Recession Act of 2003

Emergency Anti-Recession Act of 2003 - Amends the Temporary Extended Unemployment Compensation Act of 2002 to extend TEUC compensation.

Exempts, for one year, the first $10,000 of remuneration from the old-age, survivors, and disability insurance tax.

Authorizes appropriations to make payments to states to coordinate budget related actions with federal government efforts to stimulate economic recovery.

Amends the Internal Revenue Code (IRC) to allow a limited tax credit to holders of qualified Amtrak bonds.

Authorizes appropriations for Amtrak capital expenditures.

Establishes a program of capital grants to class II and class III railroads to rehabilitate, preserve, or improve certain railroad track.

Sets forth additional requirements with respect to cohorts of direct loans and loan guarantees for certain railroad rehabilitation and improvement projects.

Amends the Federal Water Pollution Control Act to remove certain requirements for States with respect to construction of treatment works under capitalization grant agreements.

Provides for assistance to States in establishing simplified procedures for small water systems to obtain assistance.

Amends the Transportation Equity Act for the 21st Century to increase the Federal-Aid Highway program obligation ceiling.

Authorizes additional appropriations from the Mass Transit Account and the Highway Trust Fund for certain formula grants for mass transportation projects.

Increases appropriations from the Airport and Airway Trust Fund for airport planning and airport development.

Authorizes appropriations for marine transportation system infrastructure.

Authorizes additional appropriations for public works and economic development, Appalachian regional development, and Delta, Mississippi regional development.

Authorizes additional appropriations to: (1) carry out construction, operation, and maintenance activities (including security measures) for Corps of Engineers projects; and (2) enhance the security of General Services Administration properties.

Authorizes additional appropriations to enhance the security of the: (1) John F. Kennedy Center for the Performing Arts; and (2) Smithsonian Institution.

Provides for grants to local educational agencies to enable them to make urgent repairs and renovations to public school facilities.

Amends the IRC and the Economic Growth and Tax Relief Reconciliation Act of 2001 to provide for revenue offsets.