A bill to amend the Defense Base Closure and Realignment Act of 1990 to authorize additional rounds of base closures and realignments under the Act in 2003 and 2005, to modify certain authorities relating to closures and realignments under that Act.

Amends the Defense Base Closure and Realignment Act of 1990 to: (1) provide for continued appointments to the Defense Base Closure and Realignment Commission, authorize the Secretary of Defense to transfer funds for future Commission expenses, and extend Commission authority through December 31, 2005; (2) require the Secretary to include within budget justification documents a force structure plan for the armed forces through FY 2006 (currently, FY 1996); and (3) extend similarly the dates for submission of final selection criteria used for the closure or realignment of military installations, Department of Defense recommendations for such closures or realignments, Commission review and recommendations, and presidential review. Terminates on December 31, 2005 (currently, 1995), the authority to close or realign such installations.

Requires base closure or realignment cost saving or return on investment selection criteria to be based on the total cost and savings to the Federal Government.

Requires the Secretary, in making closure or realignment recommendations, to consider any notice received from a local government approving such closure or realignment.

Allows privatization in place of a military installation recommended for closure or realignment only if privatization is a method specified in the Commission's recommendation and it is determined to be the most cost-effective method of implementation of the recommendation.