Corporate Subsidy Reform Commission Act of 2003 - Establishes an independent Corporate Subsidy Reform Commission to: (1) identify Federal programs and tax laws that provide inequitable Federal subsidies; (2) review such subsidies; (3) conduct public hearings on agency recommendations regarding inequitable subsidies; and (4) report to the President recommendations for termination, modification, or retention of each subsidy reviewed. Requires each Federal agency to include in budget documents submitted in 2004 a list of programs or tax laws within that agency that provide inequitable Federal subsidies, together with recommendations for appropriate action.
Requires the U.S. Trade Representative (USTR) to survey all federally supported international trade programs in all Federal agencies and certify as part of the USTR agency plan only those programs specifically intended and substantially needed to protect U.S. foreign trade interests.
Requires the President to: (1) report to the Commission and Congress on his approval or disapproval of the entire package of Commission recommendations; and (2) certify the recommendations to Congress if the package is approved either initially or after being revised by the Commission after initial disapproval. Sets forth procedures for congressional implementation and consideration of recommendations certified by the President.