Procurement Test Act of 1986

Procurement Test Act of 1986 - Amends the Office of Federal Procurement Policy Act to revise the program for tests of innovative procurement methods and procedures. Transfers administrative authority for such tests from the Administrator of Federal Procurement Policy to the Director of the Office of Management and Budget. Declares that such test programs shall not be limited by any lack of specific authority, law, rule, or regulation. (Current law requires congressional action with respect to waiving provisions of law where necessary to carry out a program.)

Requires the Director, before instituting any test program, to: (1) develop a plan with specified contents, including the purpose and procedures; (2) publish the program in the Federal Register; and (3) notify the Congress 60 days prior to the program's effective date.

Declares this Act effective 60 days after enactment and to remain in effect for a period of three years.