Grain Products Utilization Act of 1979

[AI summary unavailable — showing source text] Grain Products Utilization Act - Title I: Department of Agriculture-Research and Studies on the Economic and Agricultural Effects of Using Agricultural Products in the Development and Use of Fuels - Directs the Secretary of Agriculture to conduct research and studies concerning the economic and agricultural effects of using agricultural products in the development of fuels. Requires the Secretary to submit an annual report to the President and the Congress regarding such research and studies. Title II: Department of Energy-Research and Studies on the Use of Agricultural Products in the Development and Use of Fuel - Directs the Secretary of Energy to conduct research and studies concerning the use of agricultural products in the development of fuels. Requires the Secretary to submit an annual report to the President and the Congress regarding such research and studies. Title III: Tax Provisions - Amends the Internal Revenue Code of 1954 to provide a deduction with respect to the amortization of any qualified ethanol-producing facility. Defines qualified ethanol-producing facility for purposes of such deduction. Provides an annual tax credit of one penny for each gallon of qualified …