Zero Tolerance for Terror Act This bill expresses the sense of Congress that: the Department of the Treasury's Office of Foreign Assets Control should be fully funded to ensure strict sanctions enforcement against Iran in the areas of ballistic missile proliferation and terrorism, and to ensure effective re-imposition of sanctions in the event of Iran's violation of the Joint Comprehensive Plan of Action; and Iran should continue to be prohibited from undertaking any activity related to ballistic missiles capable of delivering nuclear weapons, and United Nations member states should take measures to prevent the related transfer of technology or technical assistance to Iran. The President shall notify Congress if any person or entity: commits an act of international terrorism at the direction of an official of the government of Iran that threatens the security of U.S. nationals or the national security, foreign policy, or economy of the United States; knowingly assists in, sponsors, or provides financial, material, or technological support for, or financial or other services to or in support of such an act, or a foreign terrorist organization that receives financial support from Iran; or commits an act in violation of specified Security Council resolutions relating to ballistic missiles capable of delivering nuclear weapons. During the 60-day period after such notification legislation may be introduced in the Senate or the House of Representatives authorizing or requiring the President to impose sanctions on an identified person or entity. Congressional procedural requirements are set forth.