Jobs Creation Act of 1979

[AI summary unavailable — showing source text] Jobs Creation Act of 1979 - Title I: Individual Income Taxes - Amends the Internal Revenue Code to allow an income tax credit for ten percent of the amounts: (1) deposited in a savings account at an insured bank, savings and loan association, or credit union; or (2) used to purchase stock or bonds in a domestic corporation. Limits such credit to a maximum $1,000 for the taxable year. Excludes from gross income all amounts received by an individual as dividends from domestic corporations. Excludes from gross income up to $1,000 of the gain from the sale or exchange of securities by an individual other than a corporation. Allows an estate tax deduction of the lesser of $200,000 or the value of the decedent's interest in a family farming operation continually owned by the decedent or spouse during the five-year period prior to the decedent's death and which passes to a relative through inheritance. Requires, as a condition of eligibility for the deduction, that for a period of five years after the decedent's death: (1) the interest in the farm be retained by the individual to whom it passed; (2) those individuals reside on that farm; and (3) the farm continue to qualify as a family fa…