Alcohol Fuels Production Incentive Act of 1979

[AI summary unavailable — showing source text] Alcohol Fuels Production Incentive Act of 1979 - Amends the Internal Revenue Code to allow an additional ten percent investment tax credit for investment in equipment used in the production of fuels mixed with alcohol. Allows a five percent investment tax credit for investment in buildings used in gasohol production. Establishes the Federal Alcohol Fuel Production Loan Guarantee Fund to guarantee loans to build or refinance alcohol-fuel production plants and equipment. Permits the guarantee of up to 50 percent of the principal of such loans. Limits the amount of any loan to a single borrower to $10,000,000. Prohibits the total amount of loan guarantees from exceeding $250,000,000. Amends the Emergency Petroleum Allocation Act of 1973 to grant priority for the receipt of petroleum allocations in times of shortages to refineries engaged in the production of gasoline or special fuels which are to be mixed with alcohol and those who sell such fuels.…