Sport Fishing and Recreational Boating Safety Act

Sport Fishing and Recreational Boating Safety Act - Amends the Federal Aid in Sport Fish Restoration Act to provide for distribution of FY 2004 through 2009 appropriations, including those for the multistate conservation grant program.

Amends the Internal Revenue Code to require transfer to the land and water conservation fund of the equivalent of certain motorboat fuel taxes received into the Highway Trust Fund. Authorizes for FY 2004 through 2008 certain expenditures from the Boat Safety Account of the Aquatic Resources Trust Fund, including for aid to States for fish restoration and management projects.

Amends the Clean Vessel Act of 1992, with respect to grants for State marine sanitation device pumpout station programs, to repeal the mandatory priority consideration given to grant applications that, in coastal States, propose constructing and renovating pumpout stations and waste reception facilities in accordance with a coastal State's approved plan.

Amends Federal shipping law to increase from one-half to 75 percent the maximum percentage of a State's total cost for its recreational boating safety program represented by the Federal allocation the State receives. Extends the availability of such allocation from two years to three years. Requires a reduction of such allocation if the State's expenditures for the program for the previous fiscal year is below the average expenditures for the three preceding fiscal years (failure of maintenance of effort).