Pioneer Preference Reform Act of 1994

Pioneer Preference Reform Act of 1994 - Amends the Communications Act of 1934 to require the Federal Communications Commission (FCC) to: (1) prevent unjust enrichment of any person who makes significant contributions to the development of a new telecommunications service or technology; and (2) recover for the public a portion of the value of the public spectrum resource made available to such person. Terminates the FCC's authority to provide preferential treatment in licensing procedures (by precluding the filing of mutually exclusive applications) to such persons on September 30, 1998.

Directs the FCC to prescribe regulations specifying the procedures and criteria by which the FCC will evaluate applications for preferential treatment in licensing processes for such persons.