Agricultural Subterminal Facilities Act of 1979

Agricultural Subterminal Facilities Act - Requires the Secretary of Agriculture to make financial assistance available to States for the development of subterminal facility plans. Amends the Consolidated Farm and Rural Development Act to authorize the Secretary to make and insure loans to States which have experienced serious storage and transportation problems in order to construct or improve subterminal facilities. Directs the Secretary to grant such assistance to qualified States and to groups of States which develop a coordinated regional subterminal facilities plan.

Defines "subterminal facility" as any facility used for the transient storage of bulk agricultural commodities or for transporting, upgrading, receiving, drying, or loading them out. Requires such facilities to be located between an area of agricultural production and any major storage or major export point, at a place that conveniently serves the needs of producers and purchasers of such commodities, including rail sidings, and loading or unloading facilities which can accommodate unit railroad cars and other appropriate transportation modes designed for the transport and storage of bulk agricultural commodities.

Prescribes the necessary contents of the grain shipment and storage plans required from applicant States.

Amends the Internal Revenue Code to provide for the nonrecognition of any gain properly allocable to the sale or exchange of any single purpose agricultural structure due to the construction of a subterminal facility.