Philanthropy Expansion and Responsibility Act of 2003

Philanthropy Expansion and Responsibility Act of 2003 - Amends the Internal Revenue Code to reduce from two to one percent the excise tax on the net investment income of private foundations that are exempt from Federal income tax.

Increases the self-dealing excise tax on such foundations from five to 25 percent.

Modifies provisions concerning the excise tax for the failure of such foundations to distribute income.