Release of IRS levy due to economic hardship for business taxpayers

(a) In general Subparagraph (D) of section 6343(a)(1) of the Internal Revenue Code of 1986 is amended by striking or and inserting including the financial condition of the taxpayer's viable trade or business, or. (b) Determination of economic hardship Subsection (a) of section 6343 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (4) Determination of economic hardship to business taxpayer In determining whether to release any levy under paragraph (1)(D), the Secretary shall consider— (A) the economic viability of the business, (B) the nature and extent of the hardship created by the levy (including whether the taxpayer has exercised ordinary business care and prudence), and (C) the potential harm to individuals if the business is liquidated.. (c) Effective date The amendments made by this section shall apply to levies made after the date of the enactment of this Act.