Jobs Creation Act of 1979

Jobs Creation Act of 1979 - Title I: Individual Income Taxes - Amends the Internal Revenue Code to allow an income tax credit for ten percent of the amounts: (1) deposited in a savings account at an insured bank, savings and loan association, or credit union; or (2) used to purchase stock or bonds in a domestic corporation. Limits such credit to a maximum $1,000 for the taxable year.

Excludes from gross income all amounts received by an individual as dividends from domestic corporations. Excludes from gross income up to $1,000 of the gain from the sale or exchange of securities by an individual other than a corporation.

Allows an estate tax deduction of the lesser of $200,000 or the value of the decedent's interest in a family farming operation continually owned by the decedent or spouse during the five-year period prior to the decedent's death and which passes to a relative through inheritance. Requires, as a condition of eligibility for the deduction, that for a period of five years after the decedent's death: (1) the interest in the farm be retained by the individual to whom it passed; (2) those individuals reside on that farm; and (3) the farm continue to qualify as a family farm.

Title II: Corporation Taxes - Lowers the corporate income tax rates. Requires that the taxable income of each member of a controlled group of corporations be attributed to all members.

Increases the amount of the investment tax credit to 15 percent of the qualified investment, except for property constructed or acquired before July 1, 1975, in which case the credit is set at 12 percent of that investment.

Increases the corporate surtax exemption from $25,000 to $100,000.

Provides for cost of living adjustments to the basis of property sold or exchanged as capital assets, for purposes of determining the amount of gain or loss on such transactions.

Increases from 20 to 40 percent the percentage by which class lives assigned by a taxpayer for his depreciable property may vary from class lives prescribed by the Internal Revenue Service.

Permits an accelerated 12-month period for the amortization of pollution control facilities.

Title III: Employee Stock Ownership Plan Financing - Allows an additional income tax deduction to employers who pay dividends under an employee stock ownership plan for the amount of such dividends, provided: (1) the securities with respect to which such dividends are paid were held on the record date by the employee stock ownership plan; (2) dividends are either distributed to participating employees within 60 days after the plan year in which they are received, or applied to the payment of costs incurred for the purchase of qualifying employer securities.

Allows an income tax deduction for charitable deductions to an employer who transfers securities to an employee stock ownership plan if: (1) the property is allocated to the participating employees; (2) no part of the property is allocated for the benefit of the taxpayer, his relatives, or anyone else owning 25 percent of such securities; and (3) the contribution is made with the approval of the plan.

Sets forth rules for the tax treatment of participants in an employee stock ownership plan.

Directs the Secretary of the Treasury to issue a binding advance opinion, in response to any application by an employee stock ownership plan, as to whether the plan satisfies the requirements of this Act.