Small Business Capital Formation Tax Act of 1979

Small Business Capital Formation Tax Act of 1979 - Amends the Internal Revenue Code to allow a taxpayer to elect to depreciate the full amount of qualified office and pollution control equipment in the taxable year in which such equipment is placed in service. Provides for the accelerated depreciation of motor vehicles (two year useful life) and investment tax credit property (five year useful life).

Places limits on the amounts of the adjusted bases of properties which are eligible for accelerated depreciation under the terms of this Act: (1) $5,000 for qualified office equipment; (2) $25,000 for qualified pollution control equipment; (3) $15,000 for motor vehicles; and (4) $50,000 for investment tax credit property.