Given the task definition and input, reply with output. In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

SECTION 1. SHORT TITLE.

This Act may be cited as the ''State and Local Aid and Economic
Stimulus Act of 2003''.

SEC. 2. ONE-TIME REVENUE GRANT TO STATES AND LOCAL GOVERNMENTS.

(a) In General.--Chapter 67 of title 31, United States Code, is
amended by adding at the end the following new section:
''Sec. 6721. One-time revenue grant to States and local governments
''(a) Appropriation.--There is authorized to be appropriated and is
appropriated to carry out this section $40,000,000,000 for fiscal year
2003.
''(b) Allotments.--From the amount appropriated under subsection
(a) for fiscal year 2003, the Secretary of the Treasury shall, as soon
as practicable after the date of the enactment of this Act, allot to
each of the States as follows:
''(1) $20 billion based on population.--
''(A) State level.--$10,000,000,000 shall be
allotted among such States on the basis of the relative
population of each such State, as determined by the
Secretary on the basis of the most recent satisfactory
data.
''(B) Local government level.--$10,000,000,000
shall be allotted among such States as determined under
subparagraph (A) for distribution to the various units
of general local government within such States on the
basis of the relative population of each such unit
within each such State, as determined by the Secretary
on the basis of the most recent satisfactory data.
''(2) $20 billion based on change in unemployment rate.--
''(A) Tier 1.--
''(i) State level.--$2,500,000,000 shall be
allotted among such States which have
experienced a tier 1 unemployment rate on the
basis of the relative number of unemployed
individuals for calendar year 2002 in each such
State, as determined by the Secretary on the
basis of the most recent satisfactory data.
''(ii) Local government level.--
$2,500,000,000 shall be allotted among such
States which have experienced a tier 1
unemployment rate as determined under clause
(i) for distribution to the various units of
general local government within such States on
the basis of the relative number of unemployed
individuals for calendar year 2002 in each such
unit within each such State, as determined by
the Secretary on the basis of the most recent
satisfactory data.
''(B) Tier 2.--
''(i) State level.--$7,500,000,000 shall be
allotted among such States which have
experienced a tier 2 unemployment rate on the
basis of the relative number of unemployed
individuals for calendar year 2002 in each such
State, as determined by the Secretary on the
basis of the most recent satisfactory data.
''(ii) Local government level.--
$7,500,000,000 shall be allotted among such
States which have experienced a tier 2
unemployment rate as determined under clause
(i) for distribution to the various units of
general local government within such States on
the basis of the relative number of unemployed
individuals for calendar year 2002 in each such
unit within each such State, as determined by
the Secretary on the basis of the most recent
satisfactory data.
''(c) Guidelines for Use of Funds.--It is the sense of Congress
that priority for using the funds allotted under this section should be
given to homeland security, medicaid, public health, highway
construction, childcare, elementary, secondary, and higher education,
and the prevention of additional property tax increases.
''(d) Definitions.--For purposes of this section--
''(1) State.--The term 'State' means any of the several
States, the District of Columbia, and the Commonwealth of
Puerto Rico.
''(2) Unit of general local government.--
''(A) In general.--The term 'unit of general local
government' means--
''(i) a county, parish, township, city, or
political subdivision of a county, parish,
township, or city, that is a unit of general
local government as determined by the Secretary
of Commerce for general statistical purposes;
and
''(ii) the District of Columbia, the
Commonwealth of Puerto Rico, and the recognized
governing body of an Indian tribe or Alaskan
native village that carries out substantial
governmental duties and powers.
''(B) Treatment of subsumed areas.--For purposes of
determining a unit of general local government under
this section, the rules under section 6720(c) of title
31, United States Code, shall apply.
''(3) Unemployment.--With respect to any State or unit of
general local government--
''(A) Tier 1 unemployment rate.--The term 'tier 1
unemployment rate' means an unemployment rate for
calendar year 2002 which was at least .4 but not more
than 1.0 percentage point greater than such rate for
calendar year 2000.
''(B) Tier 2 unemployment rate.--The term 'tier 2
unemployment rate' means an unemployment rate for
calendar year 2002 which was more than 1.0 percentage
point greater than such rate for calendar year 2000.''.
(b) Conforming Amendment.--The table of sections for chapter 67 of
title 31, United States Code, is amended by adding at the end the
following new item:

''6721. One-time revenue grant to States and local governments.''.
State and Local Aid and Economic Stimulus Act of 2003 - Amends Federal law to authorize and make appropriations for FY 2003 for a one-time revenue grant to States and local governments.Specifies amounts to be allotted to each of the States based upon population and changes in unemployment rates.Declares the sense of Congress that priority for using funds allotted under this Act should be given to homeland security, medicaid, public health, highway construction, childcare, elementary, secondary, and higher education, and the prevention of additional property tax increases.