CARE Act of 2003

CARE Act of 2003 - Amends the Internal Revenue Code with respect to charitable giving, charitable organizations, and social services to, among other things: (1) allow a deduction for a portion of charitable contributions to individuals who do not itemize; (2) allow tax-free distributions from individual retirement accounts for charitable purposes; (3) allow for the exclusion of 25 percent of gain on sales or exchanges of land or water interests to eligible entities for conservation purposes; (4) exclude mileage reimbursements to charitable volunteers from gross income; (5) increase oversight of tax-exempt organizations; (6) suspend the tax-exempt status of terrorist organizations; (7) modify the excise tax on unrelated business taxable income of charitable remainder trusts; (8) repeal the grassroots expenditure limit for charitable organizations; (9) modify the definition of convention or association of churches to state that no such grouping shall fail to qualify merely because individuals are members or because individuals have voting rights in such organization; (10) count certain payments made by charitable organizations to victims in the war against terrorism as related to the purpose or function constituting the basis for such organizations' exemptions; (11) restore funds for the Social Services Block Grant; (12) restore authority to transfer up to ten percent of Temporary Assistance to Needy Families funds to the Social Services Block Grant; (13) extend the enhanced inventory deduction to public schools; (14) suspend the tax-exempt status of terrorist organizations; and (15) provide a charitable deduction for certain expenses related to Native Alaskan subsistence whaling.Savings for Working Families Act of 2003 - States as a purpose of this Act to provide for the establishment of individual development account programs that will provide individuals and families with limited means an opportunity to accumulate assets and to enter the financial mainstream.Provides procedures for opening and maintaining such an account and qualifying for matching funds.Authorizes appropriations for the: (1) Savings for Working Families Act of 2003; and (2) administration of exempt organizations by the Internal Revenue Service.Sets forth provisions regarding tax shelters, including: (1) defining "economic substance" for purposes of the economic substance doctrine; (2) establishing penalties for failure to disclose reportable transactions, understatements with respect to such transactions, and noneconomic substance transaction understatements; (3) modifying penalties with respect to underpayments, registering tax shelters, maintenance of investor lists, failure to report interests in foreign financial accounts, frivolous tax submissions, the promotion of abusive tax shelters, and individuals practicing before the Department of the Treasury; and (4) further regulation of tax preparers and advisers.Require a corporate tax return to be signed by its chief executive officer. Exempts a regulated investment company from such requirement.