Small Community and Rural Air Service Revitalization Act of 2003

Small Community and Rural Air Service Revitalization Act of 2003 - Amends Federal transportation law to reauthorize the essential air service (EAS) program through FY 2007.

Directs the Secretary of Transportation to establish a marketing incentive program for eligible EAS communities receiving assistance under which the airport sponsor in such a community may receive a grant of not more than $50,000 to develop and implement a marketing plan to increase passenger boardings and the level of passenger usage of its airport facilities.

Authorizes the Secretary to provide up to $50,000 in technical assistance to any State within which an eligible EAS community is located to assist them to develop methods to increase passenger boardings.

Directs the Secretary to establish certain pilot programs if the entire amount authorized to be appropriated for EAS pilot programs is appropriated for FY 2004 through 2007.

Specifies among such pilot programs: (1) one for up to ten communities or consortia of communities under which an airport sponsor may elect to forego any EAS assistance for a ten-year period in exchange for a grant equal to twice the annual EAS assistance received for the most recently ended calendar year; and (2) one for up to ten communities or consortia under which, upon receiving the airport sponsor's petition, the Secretary shall authorize and request the EAS provider to use smaller equipment and consider increasing the frequency of service using such equipment.

Requires the Secretary, subject to the same condition, to establish pilot programs under which: (1) airport sponsors share the cost of providing air transportation service greater than basic EAS; and (2) designated EAS communities located in proximity to hub airports are required to assume ten percent of their EAS subsidy costs for a three-year period.

Authorizes the Secretary to increase the rates of compensation payable without regard to any agreements or requirements relating to the renegotiation of contracts, if essential air service providers are experiencing significantly increased costs of providing service (an average monthly cost increase of ten percent or more).