Wage Tax Cut Act of 2003

Wage Tax Cut Act of 2003 - Directs the Secretary of the Treasury to pay to each eligible individual the lesser of $765, or the amount of the individual's social security taxes, or payments to a State or local governmental pension plan, for 2001.

Amends the Internal Revenue Code to provide a 2002 refund for eligible individuals who did not receive their full 2001 refund, as provided for by this Act.

Provides employers with an income tax credit of up to $765 for payroll taxes paid during the payroll tax holiday (the 12-month period beginning with the first month after the date of enactment of this Act).