Energy Independence and Security Act of 2003

Energy Independence and Security Act of 2003 - Amends the Internal Revenue Code to establish credits for: (1) residential solar energy property; (2) energy efficiency improvements to existing homes; (3) alternative motor vehicles credit; (4) production from qualifying advanced clean coal technology; and (5) producing oil and gas from marginal wells. Extends and expands the credit for electricity produced from renewable resources. Extends and modifies the credit for producing fuel from a nonconventional source.

Provides for: (1) the treatment of natural gas gathering lines as 7-year property; (2) the temporary suspension of the limitation based on 65 percent of taxable income and the extension of suspension of taxable income limit with respect to marginal production; (3) the election to expense geological and geophysical expenditures for oil and gas wells; (4) a five-year net operating loss carryback for losses attributable to operating mineral interests of oil and gas producers.