Alaska Native Claims Settlement Act Amendments of 1979

Alaska Native Claims Settlement Act Amendments of 1979 - Amends the Alaska Native Claims Settlement Act to stipulate that, upon the cancellation of stock in a Regional Corporation on December 18, 1991, and issuance of new shares, as is now provided for by such Act, certain restrictions may be imposed on such new shares. Includes among the restrictions which shareholders may impose: (1) the denial of voting rights to non-Native shareholders; and (2) restrictions on alienation of such stock.

Authorizes a shareholder who is a member of a profession which limits the ability of such shareholder to practice such profession while owning stock in a Regional Corporation, to transfer such stock in order to practice his or her profession.

Stipulates that a Village Corporation shall first convey to the occupants, specified titles to the surface estates in the tracts occupied by such occupants as of December 18, 1971.

Sets forth rules for computing basis on gain or loss on the subsequent sale of land acquired pursuant to the Act for purposes of Federal, State, or local tax.

Stipulates that all rents, royalties, profits, and other revenues or proceeds derived from real property interests received pursuant to the Act shall be taxable to the same extent as such revenues or proceeds are taxable when received by a non-Native individual or corporation.

Authorizes the Secretary of the Interior, where lands selected and conveyed to a Village Corporation are insufficient to fulfill the Corporation's entitlement, to withdraw twice the amount of unfulfilled entitlement and provide the Village Corporation 90 days to select from the lands withdrawn the land it desires to fulfill its entitlement.

Sets forth provisions concerning retained mineral estates and subsurface estates.

Authorizes to be appropriated such sums as may be necessary to carry out certain provisions of the Act pertaining to the payment into escrow of certain funds received on lands withdrawn for native selection.

Authorizes the Secretary to waive, in certain circumstances, the whole section selection requirement.

Specifies requirements for conveying real property interests pursuant to a program to provide homesites to shareholders of the Village Corporation.

Requires the Secretary to pay, by grant, an amount not more than $100,000 or less than $50,000 to specified incorporated Native Groups established under the Act and certified as an eligible Native Group.

Stipulates that whenever a valid State or Native selection is partly in and partly out of the boundary of a conservation system unit, the State or Native Corporation may relinquish its right in any portion of land within such boundary.

Withdraws from further entry all lands located in patented townsites which are the subject of an application for patent under specified Acts. Directs the townsite trustee to convey all unoccupied lands and any remaining unobligated trust funds to the home rule or first or second class city organized for the townsite community, or, in the absence of a city, to the State of Alaska in trust.