H.R. 4368 (112th): To amend the Internal Revenue Code of 1986 to provide for the release of Federal tax levies ...

...which cause business hardship.

112^th Congress, 2011–2013. Text as of Apr 17, 2012 (Introduced).

HR 4368 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.’.