Video Game Rating Act of 1994

Video Game Rating Act of 1994 - Establishes the Interactive Entertainment Rating Commission to: (1) coordinate with the video game industry in the development of a voluntary standard for providing information to purchasers and users concerning the contents of video games; (2) evaluate whether any standards proposed are adequate to warn purchasers and users of the violent or sexually explicit content of such games; and (3) report to the President and the Congress regarding the adequacy of the industry's response.

Provides Commission funding through December 31, 1996. Directs the Commission to set a reasonable user fee calculated to be sufficient to reimburse the United States for all sums so appropriated. Terminates the Commission on the earlier of such date or 90 days after submission of its report.

Provides an antitrust exemption for any actions taken by the video game industry in developing such guidelines.