Information Age Commission Act of 1986 - Establishes the Information Age Commission to conduct research and studies necessary to develop an understanding of the information age, including: (1) efforts needed to maximize the benefits to society of computers and communications systems; (2) resources needed to maintain the United States lead in the world information marketplace; (3) the education required for the information age; (4) the use of computer and communications systems in national defense; (5) efforts needed to encourage new technological innovations; and (6) the impact of such computers and systems on labor and employment. Requires the Commission to submit to the President and the Congress interim analyses and reports summarizing the materials and positions of the Commission. Requires the Commission to complete its work within two years and submit a final detailed report to the Congress and the President. Authorizes appropriations.