Alternative Energy Source and Conservation Tax Incentive Act of 1979

[AI summary unavailable — showing source text] Alternative Energy Source and Conservation Tax Incentive Act of 1979 - Amends the Internal Revenue Code to change the formula for computation of the residential energy tax credit for individuals to increase the maximum amount of such credit from $2,200 to $3,000. Extends eligibility for such credit to: (1) a landlord for installation of alternative energy equipment on rental residential property; and (2) a builder for installation of such equipment in a house built for sale (reserving such builder the option to pass such credit through to the first purchaser). Applies such credit to lease payments on such equipment (so long as the lessor certifies that he has not taken the credit himself). Allows owners of various residences to take such credit for a prorated share of the costs of jointly purchased equipment. Permits a homeowner to file an amended return for his previous taxable year and receive such credit against the previous year's taxes for eligible energy expenditures in his current taxable year. Extends the tax credit for photovoltaic systems to homeowners. Revises the eligibility for such credit of the costs of drilling geothermal wells (but only if no deduction is taken for…