I 112th CONGRESS 2d Session H. R. 4368 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.

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.