Motor Fuels Conservation Tax Act of 1979

[AI summary unavailable — showing source text] Motor Fuels Conservation Tax Act of 1979 - Title I: Motor Fuels Conservation Taxes - Amends the Internal Revenue Code to impose on the sales of gasoline (by the producer or importer), diesel fuel, and special motor fuels a surtax of $.50 in addition to the regular $.04 tax. Requires the deposit of such surtax proceeds in specified social security trust funds. Imposes a floor stocks tax on gasoline held for sale by a dealer on January 1, 1980, equal to the difference between the tax imposed on the sale of such gasoline by its producer or importer and the tax plus surtax such producer or importer would have had to pay under this Act. Amends the Airport and Airway Revenue Act of 1970 and the Highway Revenue Act of 1956 to assure that the 50-cent gasoline conservation tax proceeds generated by this Act will not be transferred to either the Airport and Airway Trust Fund, or the Highway Trust Fund. Title II: Revision of Social Security and Self-Employment Tax Rates - Amends the Internal Revenue Code to reduce the rates paid by employees, employers, and self-employed individuals for old-age, survivors, and disability insurance taxes and hospital insurance taxes. Title III: Business Income…