Patent Equity Act

Patent Equity Act - Title I: Patented Process - Amends the patent laws to make it an infringement of patent to use, sell, or import into the United States without authority a product produced by a process patented in the United States. Requires the infringer to know or be on notice that the product was made by a process patented in the United States before a process patent holder may recover damages.

Places the burden of proof in an infringement action to show that product was not produced by the patented process on the defendant. Limits pre-knowledge damages to reasonable royalties.

Makes this provision effective prospectively only.

Directs the Secretary of Commerce to report annually to the Congress for five years on the effect of this provision on the importation of manufacturing ingredients in certain domestic industries.

Title II: Patent Cooperation Treaty Authorization - Amends the patent laws to implement the Patent Cooperation Treaty. Permits the Commissioner of Patents and Trademarks to determine when the basic fee of an international application is due.

Authorizes the Patent and Trademark Office to act as an International Preliminary Examining Authority with respect to international applications in accordance with terms and conditions prescribed by the International Bureau and the Commissioner.

Revises the time limit for commencement of the national stage of international applications to conform with the Patent Cooperation Treaty. Requires an English translation of any annexes to the international preliminary examination report made in another language.

Requires the payment of a handling as well as international fee. Permits the charging of a preliminary examination fee.