Emergency Targeted Revenue Sharing Act of 2003 - Authorizes and makes appropriations for FY 2003 through 2005 for financial assistance to States and their local governments for: (1) assistance for education; and (2) general revenue sharing.
Directs the Secretary of the Treasury to make allotments of such funds to States, with 50 percent of such allotments to be distributed by States among their local governments. Bases the amount of a State's allotment and of a local government's share upon relative: (1) school-age population, in the case of education assistance; and (2) general population, in the case of general revenue sharing.