Motor Fuels Conservation Tax Act of 1979

Motor Fuels Conservation Tax Act of 1979 - Title I: Motor Fuels Conservation Taxes - Amends the Internal Revenue Code to impose on the sales of gasoline (by the producer or importer), diesel fuel, and special motor fuels a surtax of $.50 in addition to the regular $.04 tax. Requires the deposit of such surtax proceeds in specified social security trust funds. Imposes a floor stocks tax on gasoline held for sale by a dealer on January 1, 1980, equal to the difference between the tax imposed on the sale of such gasoline by its producer or importer and the tax plus surtax such producer or importer would have had to pay under this Act.

Amends the Airport and Airway Revenue Act of 1970 and the Highway Revenue Act of 1956 to assure that the 50-cent gasoline conservation tax proceeds generated by this Act will not be transferred to either the Airport and Airway Trust Fund, or the Highway Trust Fund.

Title II: Revision of Social Security and Self-Employment Tax Rates - Amends the Internal Revenue Code to reduce the rates paid by employees, employers, and self-employed individuals for old-age, survivors, and disability insurance taxes and hospital insurance taxes.

Title III: Business Income Tax Credit for Motor Fuels Expenses - Amends the Internal Revenue Code to allow to a person engaged in a trade or business an income tax credit for an amount equal to ten percent of the taxpayer's qualified motor fuel expenses paid or incurred during the taxable year. Defines a qualified motor fuel as a fuel subject to the taxes imposed by Title I of this Act.

Title IV: Income Tax Credit for Individuals Who Do Not Benefit From Rate Reduction of Social Security Taxes - Amends the Internal Revenue Code to allow to an individual an income tax credit in an amount equal to the social security rate reduction equalization amount of the taxpayer for the taxable year. Sets forth a formula for the determination of such equalization amount, which shall be equal to the excess of: (1) the maximum benefit the taxpayer would have received if all his earned income for the taxable year were subject to social security taxes; over (2) the benefit received by the taxpayer for the taxable year by reason of the reduction in social security taxes made by Title II of this Act.