Acid Deposition Control Act of 1986 - Title I: Stationary Sources - Amends the Clean Air Act to require States to develop and submit to the Administrator of the Environmental Protection Agency (EPA) an emissions limitation compliance schedule for sulfur dioxide and oxides of nitrogen from fossil-fuel-fired electric utility steam generating units. Requires a two-phase reduction in such emissions, the first to be achieved by 1993, the second by 1997.

Requires each State to develop and submit to the Administrator a plan to achieve emissions reductions from other fossil-fuel-fired steam generating units by 1977.

Directs the Administrator to conduct and update a comprehensive annual inventory of emissions of sulfur dioxide and oxides of nitrogen from stationary sources, identifying achievable reductions which could be made by 1997. Requires States to submit to the Administrator for approval a plan for achieving such reductions. Grants States discretion in their choice of compliance measures.

Requires the Administrator to report to the Congress by July 1, 1993, on phase I reductions and the feasibility of meeting phase II reductions. States that phase II reductions will not take effect if the Congress enacts legislation to that effect.

Sets forth emissions rates a State without an approved reductions plan must follow.

Authorizes the Administrator to impose a fee on the generation and importation of electric energy between December 31, 1988, and December 31, 1996, to subsidize the interest on qualified pollution control debt incurred by the utility. Establishes civil penalties for fee violations. Establishes in the Treasury the Acid Deposition Control Fund to receive such fees and provide interest subsidy payments for pollution control systems meeting specified standards.

Revises the standards for nitrogen oxides emissions for new electric utility steam generating units which burn bituminous or subbituminous coal and for certain fossil-fuel-fired steam generating units.

Requires certain smelters to be in compliance with the applicable emissions reduction standard by January 2, 1988, without extension or delay.

Title II: Control of Emission from Mobile Sources - Sets oxides of nitrogen emission standards for motor vehicles for model years 1988, 1989, and beyond. Modifies hydrocarbon standards for trucks after model year 1989.

Directs the Administrator to regulate sulfur in diesel fuel for 1989 and beyond. Requires either the use of onboard hydrocarbon control technology or the use of gasoline vapor recovery of hydrocarbon emissions emanating from fueling motor vehicles.

Title III: International Cooperation - Expresses the concern of the Congress over transboundary pollution between the United States and Mexico and directs the Secretary of State and the Administrator to conclude an agreement within three months of enactment. Requires such an agreement to cover specified copper smelters. Requires the Secretary and the Administrator to report to the Congress within six months on negotiating such agreement.

Requires EPA to perform atmospheric field experiments to determine the effects of sulfur dioxide emissions, before and after pollution controls, of the Nacozaria smelter, Mexico, on specified western States.

Directs the Secretary to establish an international agency, or utilize an existing agency, to report on the effects of transboundary air pollution from copper smelters on public health and welfare in the United States and in Mexico.