University and Small Business Patent Procedures Act

University and Small Business Patent Procedures Act - States that it is the objective of this Act to amend existing patent procedures to promote the marketing of inventions developed under federally supported research and development projects by nonprofit organizations and small business firms.

Permits any such organization or firm to elect, within a reasonable amount of time, to retain title to such inventions. Permits Federal agencies which have supported such projects to retain title to inventions through their funding agreements in specified circumstances. Requires review of agency determinations that such circumstances exist by the Comptroller General and the Chief Counsel for Advocacy of the Small Business Administration. Directs the Comptroller General to report to Congress on the implementation of this Act by Federal agencies.

Enumerates provisions which must be included in funding agreements between a Federal agency and a small business firm or nonprofit organization including provisions: (1) to insure the rights of the Federal Government under this Act; (2) to provide that the agency shall have a nonexclusive, nontransferable, irrevocable, and paid-up license to use the invention; (3) to prohibit a nonprofit organization from assigning rights to the invention without the approval of the Federal agency; (4) to prohibit such an organization from granting exclusive rights from the earlier of five years from the first commercial use of the invention or eight years from the date of invention; and (5) to require such organizations to use their royalties and earnings to support scientific research or education.

Authorizes a Federal agency to transfer or assign its rights, acquired from an agency employee as coinventor, to an inventor electing to acquire title to an invention.

Empowers any Federal agency to require inventors or their assigns to grant licenses in order to: (1) achieve practical application of the invention in its field of use; (2) fulfill health or safety needs; (3) meet requirements for public use specified by Federal regulations; or (4) achieve participation by United States industry in the manufacture of an invention.

Entitles the government to collect up to 50 percent of all net income above specified amounts received by a patent holder until government research funds have been repaid.

Restricts the assignment and licensing of rights by patent holders to foreign owned or controlled firms unless such persons agree that any products embodying the subject invention or produced through the use of the subject invention will be manufactured substantially in the United States.

Authorizes Federal agencies to withhold information on inventions from public disclosure.

Specifies the authority of Federal agencies with respect to obtaining patents, promoting licensing of inventions, granting licenses, conducting market surveys, transferring custody of patents, and receiving funds.

Authorizes the Administrator of General Services to promulgate regulations specifying the terms upon which any federally-owned invention may be licensed.

Authorizes the Secretary of Commerce to coordinate a program for assisting Federal agencies in protecting and licensing federally-owned inventions.

Sets forth the procedure whereby Federal agencies may grant exclusive or partially exclusive licenses in any invention covered by a federally-owned domestic patent or patent application.

Prohibits licensing which lessens competition. Directs that small business firms be given preference in exclusive or partially exclusive licensing.

Enumerates provisions which must be contained in any grant of a license by a Federal agency.

Declares that this Act shall take precedence over any other Act in the disposition of inventions.

Amends the Small Business Investment Act of 1976 to require the Chief Counsel for Advocacy to report to Congress on the effectiveness of this Act. Directs specified officials to consult with and inform the Chief Counsel concerning reports and regulations required to be promulgated pursuant to this Act.