Safety Net Extension Act

Safety Net Extension Act - Amends the Temporary Extended Unemployment Compensation Act of 2002 (TEUCA) to: (1) extend the TEUCA program through November 30, 2003, with a phaseout period through February 28, 2004; and (2) provide eight additional weeks of TEUC benefits to those who have exhausted theirs before enactment of this Act.

Amends the Federal-State Extended Unemployment Compensation Act of 1970 to revise the formula for the extended benefits trigger.

Amends the Social Security Act to require: (1) increases and decreases in the earnings allocated to State accounts when States meet or fail to meet funding goals; and (2) interest-free advances to State accounts in the Unemployment Trust Fund to be restricted to States which meet funding goals.

Amends the Internal Revenue Code to: (1) suspend the tax on individual unemployment compensation for 2003 and 2004; (2) allow certified States to elect to collect Federal unemployment taxes, under the Federal Unemployment Tax Act (FUTA); and (3) require States to distribute to unemployed individuals State-specific information packets explaining unemployment insurance eligibility conditions.

Amends the Trade Act of 1974 to: (1) extend the authorizations of appropriations for adjustment assistance for workers, for firms, and for farmers; and (2) require delegation to the International Trade Administration of all functions, powers, and duties to carry out the program of adjustment assistance for firms (with the exception of such program for small firms, which continues to be delegated to the Small Business Administration).