Standards for State Product Liability Tort Litigation Act - Declares that each State has authority to adopt legislation relating to product liability tort law in accordance with specified basic standards set forth in this Act.

Establishes, as an independent body within the Department of Commerce, the Standards for Product Liability Tort Law Review Panel to review State product liability legislation to determine whether such legislation is in accordance with the basic standards. Authorizes appropriations for the panel.

Declares that State legislation is in accordance with the basic standards, and hence an "approved State plan," if the Review Panel determines that such legislation provides for: (1) a product liability cause of action; (2) a statute of limitations; (3) a state of the art defense; (4) court appointment of expert witnesses; (5) comparative responsibility; and (6) the treatment of workplace injuries, in accordance with this Act.

States that the product liability cause of action provided by this Act shall be in lieu of all existing causes of action for damage as a result of bodily injury caused by a product.

Sets forth Review Panel procedures. Subjects a declaration by the Review Panel that a State plan is not in accordance with the basic standards to judicial review in the United States courts of appeals.

States that if the Review Panel declares that a State does not have an approved State plan, an alternative plan for product liability, under which the product liability cause of action shall be in lieu of all existing causes of action for damages resulting from both bodily injury and injury to property caused by a product, shall take effect in that State.

Stipulates that this Act is not a grant of Federal jurisdiction over actions for product liability benefits.