Water Quality Financing Act of 2003

Water Quality Financing Act of 2003 - Amends the Federal Water Pollution Control Act (FWPCA) to authorize the Administrator of the Environmental Protection Agency to make grants to nonprofit organizations to provide technical and information assistance for rural and small treatment works. Requires establishment of procedures for the competitive award of grants.

Extends funding for State- and interstate-managed pollution control programs.

Revises eligibility requirements for grants for sewage collection systems to include projects which replace or involve the major rehabilitation of an existing collection system or involve new collection systems.

Extends the pilot program for alternative water source projects.

Shifts the allocation of sewer overflow control grants to States rather than municipalities and States.

Revises State water pollution control revolving fund provisions concerning: (1) agreements for treatment works capitalization grants; (2) project eligibility; (3) loan payments, subsidization , and administrative expenses; (4) technical and planning assistance for small treatment works; (5) funding allotments; (6) priorities and intended use plans; and (7) Federal oversight review procedures.

Increases the limit on amounts authorized for grants for development of management plans and construction of publicly owned treatment works to serve Indians.