General Aviation Accident Liability Standards Act of 1986

General Aviation Accident Liability Standards Act of 1986 - Declares that this Act supersedes any State law regarding liability for general aviation accidents. Establishes guidelines for uniform standards of liability of general aviation manufacturers for general aviation accidents.

States that all actions for harm arising out of a general aviation accident shall be governed by the principles of comparative responsibility.

Establishes, with specified exceptions, a limitation of actions period of 20 years from delivery of aircraft or harm-causing part to the purchaser for general aviation civil liability brought against a general aviation manufacturer. Declares admissible as evidence certain income tax and payroll tax liability for purposes of establishing financial harm arising out of a general aviation accident. Permits the award of punitive damages if a claimant establishes by clear and convincing evidence that the harm suffered was the direct result of conduct manifesting conscious, flagrant indifference to safety. Establishes a two-year limitation of actions period for actions arising out of a general aviation accident.

Declares the intent of the Congress that sanctions be strictly enforced for violations of Rule 11 of the Federal Rules of Civil Procedure, including orders to pay to the other party the reasonable costs of legal fees.

Confers original jurisdiction upon the Federal district courts, concurrently with State courts, for all civil actions for harm arising out of a general aviation accident.