Solar Energy Incentive Tax Act of 1979

Solar Energy Incentive Tax Act of 1979 - Amends the Internal Revenue Code to set the amount of the investment tax credit for solar energy property at 30 percent and to extend the expiration date for such credit and the credit for energy property other than solar energy property until December 31, 1985.

Permits noncorporate lessors of solar energy property to qualify for the investment tax credit, if within the first 12 month period after the letting of such property the sum of business related income tax deductions with respect to such property exceeds 15 percent of the rental income produced by such property. Limits the amount of basis to which the investment tax credit is applicable to $10,000. Allows a residential energy credit for solar energy property if the original use of such property begins with the taxpayer as the lessee of such property.

Allows a residential energy credit with respect to solar energy property to the extent such property performs a solar function.

Allows the amortization of solar energy property based on a 36 month period.