Fiscal Year 1986 Highway Amendments Act

Fiscal Year 1986 Highway Amendments Act - Amends the law relating to Federal-aid highway projects to provide that obligations for substitute highway and mass transit projects for FY 1986 shall be paid out of the Highway Trust Fund. (Currently, substitute transit projects are funded from the general fund of the Treasury). Provides that 25 percent of such funds shall be distributed at the Secretary's discretion, and the remaining 75 percent shall be apportioned on the basis of the Federal share of the cost to complete withdrawn interstate routes.

Amends the Surface Transportation Assistance Act of 1982 to repeal authorizations for parkways and park highways out of the Highway Trust Fund for FY 1986.