Telecommunications Ownership Diversification Act of 2003 - Amends the Internal Revenue Code to allow an electing taxpayer to treat a qualified telecommunications business sale to an eligible purchaser as an involuntary conversion. Places limits on the ensuing tax benefit. Defines an eligible purchaser as: (1) an economically and socially disadvantaged business; or (2) a corporation or partnership which, following the purchase, has substantially all of its assets in the telecommunications business and is at least five percent owned by the Telecommunications Development Fund.Provides a limited tax credit to a local exchange carrier that is not a Bell operating company and is headquartered in an empowerment zone.Provides for the exclusion from income of 50 percent of the gain on any sale or exchange of stock in an eligible purchaser engaged in a telecommunications business held for more than five years.Directs the Comptroller General to biennially audit the administration of the provisions of this Act and issue a report.
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