Motor Fuel Conservation Act of 1979

Motor Fuel Conservation Act of 1979 - Establishes the Motor Fuels Conservation Trust Fund within the Treasury of the United States. Appropriates to such Fund the amounts received by the Treasury from surtaxes on diesel fuel and gasoline. Sets forth the procedures for the transfer of such amounts.

Directs the Secretary of the Treasury to: (1) hold such Fund; (2) report to Congress on the operations and financial conditions of such Fund; and (3) invest such portion of such Fund as is not required to meet current withdrawals. Stipulates that such investments be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States.

Directs the Secretary of the Treasury to: (1) prepare and submit to Congress a plan reducing the Federal tax burden on specified persons by the amount of surtax such persons are projected to pay within a fiscal year; (3) increase food stamp benefits for specified persons by the amount of surtax such persons are projected to pay within a fiscal year; (3) transfer from such Fund to the Federal Old-Age and Survivors Insurance Trust Fund an amount equal to the reduction of taxes resulting from such plan; and (4) transfer to the general fund of the Treasury an amount equal to the reduction in income taxes or increase in food stamp benefits resulting from such plan.

Imposes a surtax on the sale of diesel fuel and gasoline. Adjusts such tax for inflation. Makes such tax effective on sales after December 31, 1979.