Property Tax Endowment Act of 2003

Property Tax Endowment Act of 2003 - Amends Federal law to fund the payment in lieu of taxes program for five years. Permits a local government to receive a one-time payment to offset revenue loss from a Federal acquisition of land within its jurisdiction. Specifies that if a local government receives a one-time payment, the acquired land shall not be considered entitlement land, irrespective...