Energy Development Tax Incentive Act of 1979

Energy Development Tax Incentive Act of 1979 - Amends the Internal Revenue Code to impose an additional excise tax upon major oil producers based upon the extent that such producers make investments to acquire significant ownership interests (ten percent voting stock interest) in business enterprises which are unrelated to the exploration for, development, production, transportation, or sale of energy or energy products. Provides that such tax shall be equal to 100 percent of the cost of such investment, but shall not exceed the producer's windfall profits (reduced by any windfall profits tax) for the taxable period.

Defines "major producer" as a corporation, or controlled group of corporations, which produces or has an economic interest in a total of at least 30,000,000 barrels of crude oil, condensate, and natural gas liquids within the United States during the calendar year 1976. Terminates such tax after December 31, 1986.