Energy Production Incentive Act of 1979

[AI summary unavailable — showing source text] Energy Production Incentive Act of 1979 - Title I: Tax Provisions - Amends the Internal Revenue Code to allow nonrefundable income tax credit for the sum of the following energy production credits: (1) the nonconventional fuel production credit; (2) the credit for electricity produced from waste conversion processes; (3) the energy-saving car credit; (4) the solar home builders credit; (5) the energy patent income credit; and (6) the credit for alternate substances used as fuel. Establishes the amount of the credit for nonconventional fuel production at $3 per barrel of such fuel produced by the taxpayer. Defines "nonconventional fuel production at $3 per barrel of such fuel produced by the taxpayer. Defines "nonconventional fuel" as oil produced from shale or tar sands, synthetic oil or gasohol, and crude oil produced through the use of a steam recovery process. Sets the amount of the credit for electricity produced from waste conversion processes at five percent of the sum of income received from the sale of electricity, gaseous fuel, or steam produced as a result of such processes, plus the value of any such energy used by the taxpayer during the taxable year. Establishes the am…