S.Amdt. 2531

SA 2531. Mr. ROBERTS submitted an amendment intended to be proposed by him to the bill S. 2237, to provide a temporary income tax credit for increased payroll and extend bonus depreciation for an additional year, and for other purposes; which was ordered to lie on the table; as follows:

On page _, between lines _ and _, insert the following:

SEC. ___. EXTENSION OF AUTHORITY OF SECRETARY OF THE TREASURY TO RELEASE A LEVY ON A TAXPAYER'S PROPERTY BASED ON AN ECONOMIC HARDSHIP DUE TO THE FINANCIAL CONDITION OF THE TAXPAYER'S BUSINESS.

(a) In General.--Paragraph (1) of section 6343 of the Internal Revenue Code of 1986 is amended--

(1) by inserting “or the taxpayer's trade or business” after “taxpayer” in subparagraph (D), and

(2) by adding at the end the following new sentence: “For purposes of subparagraph (D), in making the determination to release a levy against a trade or business on economic hardship grounds, the Secretary shall consider the economic viability of the trade or business, the nature and extent of the hardship (including whether the taxpayer exercised ordinary business care and prudence), the potential harm to individuals if the trade or business is liquidated, and whether the taxes could be collected from a responsible person under an assessment under section 6672.”.

(b) Effective Date.--The amendments made by this section shall apply to levies issued on or after the date of the enactment of this Act.