Advanced Technology Foundation Act

Advanced Technology Foundation Act - Establishes within the executive branch of the Government an Advanced Technology Foundation which, by grants, contracts, and loans, shall: (1) initiate and support applied scientific research and development programs directed at facilitating the movement of basic scientific concepts into commercial products; (2) foster diffusion of the latest developments in applied research and technology throughout business, commerce, and industry; and (3) evaluate the status and needs of various industries in regard to the development and commercialization of new technologies, processes, and products with a goal toward improving the international competitiveness of U.S. goods and services.

Provides for the appointment of the Director of the Foundation.

Requires the Foundation to establish a Federal Industrial Extension Service. Directs such Extension Service to: (1) create a national referral service with information on services available from Government agencies and qualified institutions directed at assisting the application of scientific and technological innovations to industries; (2) coordinate any existing State industrial expansion programs to avoid having an adverse impact upon other States; (3) provide grants and loans for State plans and programs; (4) involve technology producers in the dissemination of technology to industrial sectors; and (5) develop an information management system for reviewing industrial extension projects and activities occurring at the State and local levels and in industrial sectors.

Requires the Foundation to transmit an annual report to the President, the Congress, and the Council on Industrial Competitiveness regarding actions taken by it during the previous fiscal year.

Authorizes appropriations through FY 1989.