State and Local Aid and Economic Stimulus Act of 2003

State and Local Aid and Economic Stimulus Act of 2003 - Amends Federal law to make appropriations for FY 2003 for a one-time revenue grant to States and local governments to carry out programs related to education, substance abuse treatment, and jobs to prevent crime.

Specifies amounts to be allotted to each of the States based upon population and changes in unemployment rates.

Declares the sense of Congress that priority for using funds allotted under this Act should be given to homeland security, medicaid, public health, highway construction, childcare, elementary, secondary, and higher education, and the prevention of additional property tax increases.