Energy Tax Policy Act of 2003

Energy Tax Policy Act of 2003 - Amends the Internal Revenue Code to establish credits for the following: (1) residential solar energy property; (2) qualified fuel cell power plants; (3) energy efficiency improvements to existing homes; (4) construction of new energy efficient home; (5) combined heat and power system property; (6) production of low sulphur diesel fuel; and (7) producing oil and gas from marginal wells.Repeals: (1) the 4.3-cent per gallon diesel fuel excise taxes on railroads and inland waterway transportation; (2) phaseouts for qualified electric vehicle credit and the deduction for clean fuel-vehicles; and (3) for two years, the alternative minimum tax preference for intangible drilling costs for certain taxpayers and the minimum tax limitation on the oil recovery credit.Treats: (1) natural gas gathering lines as 7-year property; (2) natural gas distribution lines as 15-year property; and (3) electric transmission property treated as 15-year property.Extends and modifies the credits for: (1) electricity produced from renewable resources; (2) producing fuel from a nonconventional source.Provides for: (1) reduced motor fuel excise tax on certain mixtures of diesel fuel; (2) the expensing of capital costs incurred in complying with environmental protection agency sulfur regulations; (3) an increase in the barrel per day small refiner exception to oil depletion deduction; (4) treating of gain ratably over an 8-year period with respect to sales or dispositions to implement Federal energy regulatory commission or State electric restructuring policy; (5) modifications to the special rules for nuclear decommissioning costs; (6) the treatment of certain income of rural electric cooperatives; and (7) amortization, over a 2-year period, of delay rental payments and of geological and geophysical expenditures.Allows: (1) the prepayment of premium liability for coal industry health benefits; (2) generally, for the inapplicability of arbitrage rules to prepayments for natural gas; (3) the suspension, until December 31, 2006, of the limitation based on 65 percent of taxable income and of taxable income limit with respect to marginal production; and (4) certain business related energy credits against the regular and minimum tax.