To amend the Internal Revenue Code of 1986 to provide for the release of Federal tax levies which cause business hardship.

Amends the Internal Revenue Code to allow the release of a federal tax levy on any trade or business of a taxpayer who can show hardship due to such levy.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4368 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 4368

 To amend the Internal Revenue Code of 1986 to provide for the release 
          of Federal tax levies which cause business hardship.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 17, 2012

   Mr. McDermott (for himself, Mr. Lewis of Georgia, Mr. Stark, Mr. 
 Rangel, Mr. Neal, Mr. Larson of Connecticut, Mr. Blumenauer, and Mr. 
  Pascrell) introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to provide for the release 
          of Federal tax levies which cause business hardship.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. RELEASE OF FEDERAL TAX LEVIES WHICH CAUSE BUSINESS HARDSHIP.

    (a) In General.--Subparagraph (D) of section 6343(a)(1) of the 
Internal Revenue Code of 1986 is amended by inserting ``or any trade or 
business of the taxpayer'' before ``, or''.
    (b) Criteria for Determining Business Hardship.--Subsection (a) of 
section 6343 of such Code is amended by adding at the end the following 
new paragraph:
            ``(4) Criteria for determining business hardship.--For 
        purposes of making a determination under paragraph (1)(D), with 
        respect to a trade or business of the taxpayer, the Secretary 
        shall take into consideration--
                    ``(A) the economic viability of such trade or 
                business,
                    ``(B) the nature and extent of the hardship, 
                including the extent to which the taxpayer exercised 
                ordinary business care and prudence, and
                    ``(C) any hardships which would be caused to other 
                individuals or businesses if such trade or business 
                were liquidated.''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.
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