World Peace Tax Fund Act - Amends the Internal Revenue Code to permit conscientious objectors to designate their income, estate, or gift tax payments for nonmilitary purposes. Establishes within the Treasury of the United States a World Peace Tax Fund to receive such tax payments. Defines a conscientious objector as an individual who is opposed to war in any form and who has been exempted from combat training in the Armed Forces under the Military Selective Service Act, or who satisfactorily demonstrates that he is conscientiously opposed to war in any form. Requires tax forms to contain a checkoff for taxpayers who wish to claim conscientious objector status and designate their tax payments for the World Peace Tax Fund. Permits the setting aside of criminal or civil penalties imposed upon a taxpayer for nonpayment of tax prior to 1979, if the taxpayer pays the tax and satisfactorily establishes that the nonpayment was due to his religious beliefs. Directs the Comptroller General to determine the percentage of actual appropriations made by the United States from the Federal budget during the preceding fiscal year for military purposes. Requires the publication of such information in the Congressional Record. Establishes a World Peace Tax Fund Board of Trustees. Sets forth the membership structure and duties of the Board.