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 increase from 15 percent to 50 percent (not to exceed $2,000) the percentage of qualified energy conservation expenditures allowable as a residential energy credit against an individual's income tax. Eliminates the limitation that such qualified expenditures be made only with respect to the taxpayer's principal residence. Raises from $2,200 to $5,000 the maximum amount of qualified renewable energy source expenditures allowable as a residential energy tax credit. Qualifies the differential cost of renewable energy source property which is a structural component of a building as one such expenditure. Extends eligibility for the residential energy tax 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). Permits a homeowner to file a…