Home Heating Oil Tax Relief Act of 1979

Home Heating Oil Tax Relief Act of 1979 - Amends the Internal Revenue Code to allow homeowners whose home heating oil expenses exceed four percent of their adjusted gross income an income tax deduction for the cost of such oil purchased during the taxable year. Limits the amount of such deduction to the lesser of $2,000 or the cost of 2,000 barrels of heating oil. Denies such deduction for taxpayers whose adjusted gross income exceeds $40,000.