Controlled Substances Penalties Act of 1985 - Amends the Controlled Substances Act and the Controlled Substances Import and Export Act to increase the penalties for offenses involving: (1) a kilogram or more of cocaine; (2) two or more kilograms of any other narcotic drug in schedule I or II; (3) a kilogram or more of phencyclidine (PCP); or (4) 25 grams or more of lysergic acid diethylamide (LSD). Provides for a fine of not more than $500,000 or imprisonment for not more than 30 years. Prohibits any person from being released on bail pending trial for or appeal with respect to an offense under such Act. Requires first offenders to serve at least one half of their sentences before they become eligible for parole. Makes second drug offenders subject to life imprisonment.