Energy Abundance Act of 1979

[AI summary unavailable — showing source text] Energy Abundance Act of 1979 - Specifies that, for the purposes of the Internal Revenue Code of 1954, in the case of any person engaged in the trade or business of producing, mining, or distributing any fuel, and any employee of such person, gross income shall not include income attributable to the sale of such fuel. Prohibits any Federal tax, excise, duty, or due from being laid upon any fuel or the sale of any fuel. Prohibits any Federal rule, regulation, order, or decree from applying to the production of any fuel. Stipulates that the provisions of this Act shall apply only to Federal statutes and shall not be applicable to any law or regulation adopted by any State or subdivision thereof. Requires the Secretary of the Interior to subdivide and sell the mining and mineral rights to all real property owned by the United States (including offshore) which, in the opinion of the President, is not necessary for the common defense or the maintenance of the United States Government. Prohibits any person engaged in the trade or business of producing, mining, or distributing any fuel from being eligible to receive any Federal subsidy, loan, loan guarantee, or any other financial benefit.…