Unemployment Compensation Extension Act

Unemployment Compensation Extension Act - Amends the Temporary Extended Unemployment Compensation Act of 2002 (TEUCA) to extend the TEUC program through weeks of unemployment ending before July 1, 2004. Terminates individual payments for weeks beginning after December 31, 2004.

Increases to 26 weeks an eligible individual's TEUC payments. Provides for an additional seven weeks of payments, for a total of 33 weeks, for individuals in high-unemployment States (TEUC-X). (Current law provides 13 weeks of regular TEUC payments, with an additional 13 and total 26 in TEUC-X States.)

Revises requirements for determining TEUC-X States, using certain triggers based on insured unemployment rates and on total unemployment rates.

Provides for temporary State authority to waive application of certain look-back provisions under the Federal-State Extended Unemployment Compensation Act of 1970.

Amends the Railroad Unemployment Insurance Act to provide a temporary increase in extended unemployment benefits.