To amend title 49, United States Code, to ensure the continuation of fixed guideway system projects, and for other purposes.

New Starts Enhancement and Local Investment Promotion Act of 2003 - Amends Federal transportation law with respect to grants or loans for new starts of a capital project for a new fixed guideway system or extension of an existing system. Requires the Secretary of Transportation to waive the prior approval requirement for a State or local governmental authority's undertaking a project...