A bill to achieve greater cooperation from allies of the United States and international organizations for the payment of the costs involved in the development and production of Theater Missile Defense systems; and to amend title 10, United States Code, to establish a Theater Missile Defense Cooperation Account.

Directs the Secretary of Defense, by June 1, 1994, to report to the Congress on steps that can be taken by the United States to achieve greater cooperation from U.S. allies and international organizations for the payment of the costs involved in the development and production of theater missile defense (TMD) systems.

Establishes the annual fiscal year obligational authority, beginning with FY 1995, for research, development, test, and evaluation and for procurement for TMD programs. Limits the annual U.S. contribution for TMD programs, with a waiver by the President for national security purposes.

States that the percentage of development and production costs of TMD systems borne by the United States should decrease incrementally for fiscal years after 1995.

Authorizes the Secretary to accept from such allies and organizations contributions for such costs. Establishes in the Treasury the Theater Missile Defense Cooperation Account. Requires: (1) the Secretary to report quarterly on any such contributions; and (2) the Comptroller General to conduct and report to the Congress on annual audits of money accepted.