Homeland Protection and Tax Hike Prevention Act of 2003

Homeland Protection and Tax Hike Prevention Act of 2003 - Requires the Secretary of Homeland Security to award grants to eligible States and metropolitan cities, with different specified allocations based on population and on risk, including proximity to chemical security, nuclear security, port security, international borders, and disaster medical assistance teams.

Specifies optional uses of such funds.

Requires the Secretary of the Treasury to make budget crisis relief grants to States and local governments, with allocations based on population and on unemployment.

Provides for specified adjustments of Medicaid Federal Medical Assistance Percentage (FMAP) under title XIX (Medicaid) of the Social Security Act, and increases the cap on Medicaid payments to territories for further fiscal relief.