Veterans Federal Procurement Opportunity Act of 2003

Veterans Federal Procurement Opportunity Act of 2003 - Amends the Small Business Act to direct the Administrator of the Small Business Administration to establish a development program for small businesses owned and controlled by qualified (economically disadvantaged) service-disabled veterans.

Reauthorizes: (1) programs of the National Veterans Business Development Corporation through FY 2006; and (2) the Advisory Committee on Veterans Business Affairs through FY 2009.

Requires the Corporation to submit a strategic plan and a business plan every five years.

Increases the Government-wide goal of awarding Federal prime contracts and subcontracts to certain small businesses to 28 (currently 23) percent of all such contracts and subcontracts awarded in a fiscal year. Includes small businesses owned by veterans as eligible small businesses. Prohibits any Federal agency from having a percentage goal less than the Government-wide goal. Places funding restrictions on agencies failing to meet percentage goals for FY 2004 and thereafter. Allows an agency contracting officer to restrict contract award competition in order to achieve such goals. Provides penalties for small businesses misrepresenting their participation eligibility.

Includes as factors for evaluating offers for contracts awarded pursuant to the negotiated method of payment: (1) the extent to which the subcontracting plan includes small business participation; and (2) the extent to which the offeror attained applicable previous success in meeting small business participation goals in the performance of past and current contracts. Provides prime contractor and subcontractor penalties for material breach of a small business subcontracting plan or the promise to use qualified small businesses.