Energy Production Incentive Act of 1979

Energy Production Incentive Act of 1979 - Title I: Tax Provisions - Amends the Internal Revenue Code to allow nonrefundable income tax credit for the sum of the following energy production credits: (1) the nonconventional fuel production credit; (2) the credit for electricity produced from waste conversion processes; (3) the energy-saving car credit; (4) the solar home builders credit; (5) the energy patent income credit; and (6) the credit for alternate substances used as fuel.

Establishes the amount of the credit for nonconventional fuel production at $3 per barrel of such fuel produced by the taxpayer. Defines "nonconventional fuel production at $3 per barrel of such fuel produced by the taxpayer. Defines "nonconventional fuel" as oil produced from shale or tar sands, synthetic oil or gasohol, and crude oil produced through the use of a steam recovery process.

Sets the amount of the credit for electricity produced from waste conversion processes at five percent of the sum of income received from the sale of electricity, gaseous fuel, or steam produced as a result of such processes, plus the value of any such energy used by the taxpayer during the taxable year.

Establishes the amount of the energy-saving car credit at ten percent of the cost of an automobile which has a fuel economy of at least 30 miles to a gallon or which is powered by a rechargeable battery or by a steam engine.

Sets the amount of the credit for the sale of a solar home by the original seller at ten percent of its sale price, up to $8,000.

Provides for a ten percent credit with respect to the excess cost of any alternate substances (other than oil or natural gas) which the taxpayer uses as fuel in connection with his trade or business.

Permits a taxpayer to claim a tax credit or deduction for certain amounts of income received in connection with an energy patent held by the taxpayer. Limits income eligible for the credit to that income which is attributable to not more than two such patents.

Extends the termination date of the energy tax credit to December 31, 1995. Increases to 20 percent the amount of the energy tax credit for equipment used to modify existing energy facilities to use alternate fuels.

Allows a 20 percent energy tax credit for energy properties which produce alcohol for use as a fuel at a rate of at least 4,200 gallons per day.

Allows the amortization of nonconventional fuel (within the meaning of this Act) producing facilities based on a period of 60 months.

Title II: Other Provisions - Terminates the Department of Energy after January 1, 1984. Terminates any Federal law administered by such Department at any time after the date of enactment of this Act and before January 1, 1984.

Exempts individuals from bond requirements in connection with the operation of a plant producing alcohol for use as fuel.