Safety Net Extension Act

[AI summary unavailable — showing source text] Safety Net Extension Act - Amends the Temporary Extended Unemployment Compensation Act of 2002 (TEUCA) to: (1) extend the TEUCA program through November 30, 2003, with a phaseout period through February 28, 2004; and (2) provide eight additional weeks of TEUC benefits to those who have exhausted theirs before enactment of this Act. Amends the Federal-State Extended Unemployment Compensation Act of 1970 to revise the formula for the extended benefits trigger. Amends the Social Security Act to require: (1) increases and decreases in the earnings allocated to State accounts when States meet or fail to meet funding goals; and (2) interest-free advances to State accounts in the Unemployment Trust Fund to be restricted to States which meet funding goals. Amends the Internal Revenue Code to: (1) suspend the tax on individual unemployment compensation for 2003 and 2004; (2) allow certified States to elect to collect Federal unemployment taxes, under the Federal Unemployment Tax Act (FUTA); and (3) require States to distribute to unemployed individuals State-specific information packets explaining unemployment insurance eligibility conditions. Amends the Trade Act of 1974 to: (1) extend the…