New Energy Source Tax Incentive Act of 1979

[AI summary unavailable — showing source text] New Energy Source Tax Incentive Act of 1979 - Amends the Internal Revenue Code to allow a nonrefundable income tax credit equal to $3 for each barrel of oil or bitumen produced from any rock type that is not producible by primary recovery methods due to the viscosity and the lack of natural mobility of the oil in-place. Increases the amount of such credit by the amount of production credit carryovers and carrybacks for the taxable year. Reduces the standard $3 per barrel credit proportionately by: (1) the amount of Federal grant funds, if any, used by the taxpayer in the production of oil or bitumen; and (2) the amount by which the adjusted reference price (average daily market price per barrel during the preceding calendar year for certain Arabian light crude oil, adjusted for inflation) exceeds $20.50. Authorizes the President to adjust the amount of the credit (but not higher than $3) when such action is in the national interest. Requires, as a condition of eligibility for the credit, that the oil or bitumen be produced within the United States or its possessions. Requires the Secretary of Energy to publish the adjusted reference price, and an explanation of the method and data …