All Savers Tax Incentive Act of 1979

All Savers Tax Incentive Act of 1979 - Amends the Internal Revenue Code to allow a nonrefundable income tax credit for up to $250 of the interest income earned by a taxpayer from a savings account on deposit in a residential finance institution during a taxable year. Defines "residential financial institution" as a bank, savings association, or credit union which provides mortgage financing for the purchase of residential housing.

Allows an exclusion from gross income of interest income, in lieu of the credit provided by this Act. Limits the amount of such exclusion to $1,000.