Tobacco Reduction, Accountability, and Community Enhancement Act of 2003 - Amends, and repeals, specified agricultural Acts to eliminate tobacco quota and price support programs, including no net cost provisions.
Adds a new subtitle, Subtitle E: Tobacco Assistance, to title III of the Agricultural Adjustment Act of 1938 which requires the Secretary of Agriculture to make transition payments to each tobacco quota holder (generally, an owner of a farm, as of July 1, 2002, for which a basic tobacco marketing or farm acreage allotment for quota tobacco was established for the 2002 tobacco marketing year under a marketing quota program).
Requires the Secretary to make direct payments to a traditional producer of tobacco (a person that, for at least one of the 2000, 2001, or 2002 tobacco marketing years, was actively engaged in the production of tobacco marketed, or considered planted, under a marketing quota and shared in the risk of producing the tobacco).
Directs the Secretary to establish: (1) a permanent Tobacco Advisory Board for each kind of tobacco; and (2) a poundage limitation program for each crop of each kind of tobacco.
Directs the Secretary, during any marketing year period in which the insured price for the crop of a kind of tobacco exceeds the average domestic price for such tobacco, to make market stability payments available to active producers of such tobacco.
Directs the Secretary to make research grants to colleges and universities in eligible States to: (1) assist tobacco producers reduce or eliminate reliance on tobacco production through crop diversification, or to promote alternative tobacco uses or enhance tobacco quality; and (2) foster development of economically viable new agricultural technologies and enterprises for rural communities.
Establishes in the Commodity Credit Corporation a revolving Tobacco Trust Fund to carry this subtitle. Deposits into the Fund a quarterly assessment (imposed by this Act) on each tobacco product manufacturer and tobacco product importer that sells tobacco products in domestic U.S. commerce.
Sets forth tobacco stocks and no net cost transition provisions.