Capital Cost Recovery Act of 1979 - Amends the Internal Revenue Code to: (1) permit the depreciation of tangible personal property which is eligible for the investment tax credit over a period of not less than five years; (2) reduce from 60 to 24 months the period for amortization of pollution control facilities; and (3) repeal the treatment of the amortization of pollution control facilities as an item of tax preference, for purposes of the minimum tax.