Sierra National Forest Land Exchange Act of 2003 - Directs the Secretary of Agriculture to convey specified land in Mt. Diablo Meridian, California, in exchange for certain non-Federal land and a payment of $50,000, if the owner of such land: (1) offers to make such exchange during the year following enactment of this Act; and (2) agrees to convey the Federal land to the Sequoia Council of the Boy Scouts of America within four months of receiving it. Assigns values to the lands to be conveyed.
Directs the Secretary to: (1) manage the non-Federal land received in accordance with the Weeks Act and other laws and regulations pertaining to National Forest System lands; and (2) deposit the cash payment received into the fund established by the Sisk Act, to be expended for the acquisition of lands and interests in lands for the National Forest System in California.
Makes the owner of the non-Federal land responsible for all direct costs associated with processing the land exchange.
Grants an easement to the owner of a specified hydroelectric project located on Federal land authorized for exchange under this Act. Requires that the easement owner be given the right of first offer for any subsequent conveyance of the Federal land by the Sequoia Council as a condition of the initial conveyance to the Council.