Unemployment Benefits bill

Emergency Unemployment Compensation Act of 2003 - Amends the Temporary Extended Unemployment Compensation Act of 2002 (TEUCA) to entitle eligible individuals in all States to a total of 26 weeks of TEUC compensation (13 weeks beyond the current 13 weeks). Makes such additional benefits also available to individuals who exhausted their TEUC benefits before January 1, 2003.

Provides for a transition period of continuing payments to individuals with amounts remaining in their TEUC account, for weeks beginning before December 27, 2003.

Directs the Secretary of Labor to deem second tier benefit amounts deposited in an individual's account (TEUC-X amounts, which currently provide an extra 13 weeks of benefits in high-unemployment States) as deposited in such account, by reason of the amendments made by this Act, as single tier benefit amounts (TEUC amounts, the basic benefits in all States).

Sets forth requirements relating to applicability of this Act to those who have exhausted their benefits under TEUCA, as well as to current beneficiaries.