102 STAT. 3740
PUBLIC LAW 100-647—NOV. 10, 1988
judicial process) any deposits (including interest thereon) in such bank only after 21 days after service of levy." (2) CONFORMING AMENDMENTS.—
(A) Subsection (a) of section 6332 of the 1986 Code is amended by striking out "subsection (b)" and inserting in lieu thereof "subsections (b) and (c)", (B) Subsection (e) of section 6332 of the 1986 Code, as redesignated by paragraph (1), is amended by striking out "subsection (c)(D' and inserting in lieu thereof "subsection (d)(l)". (f) RELEASE OP LEVY.—Subsection (a) of section 6343 of the 1986 Code (relating to release of levy) is amended to read as follows: "(a) RELEASE OP LEVY AND NOTICE OF RELEASE.—
"(1) IN GENERAL.—Under r^ulations prescribed by the Secretary, the Secretary shall release the levy upon all, or part of, the property or rights to property levied upon and shall promptly notify the person upon whom such levy was made (if any) that such levy has been released if— "(A) the liability for which such levy was made is satisfied or becomes unenforceable by reason of lapse of time, "(B) release of such levy will facihtate the collection of such liability, "(C) the taxpayer has entered into an agreement under section 6159 to satisfy such liability by means of installment payments, unless such agreement provides otherwise, "(D) the Secretary has determined that such levy is creating an economic hardship due to the financial condition of the taxpayer, or "(E) the fair market value of the property exceeds such liability and release of the levy on a part of such property could be made without hindering the collection of such liability. For purposes of subparagraph (C), the Secretary is not required to release such levy if such release would jeopardize the secured creditor status of the Secretary. "(2) ExPEDfFED DETERMINATION ON CERTAIN BUSINESS PROPERTY.—In the case of any tangible personal property essential in carrying on the trade or business of the taxpayer, the Secretary shall provide for an expedited determination under paragraph (1) if levy on such tangible personal property would prevent the taxpayer from carrying on such trade or business. "(3) SUBSEQUENT LEVY.—The release of levy on any property under paragraph (1) shall not prevent any subsequent levy on such property.' (g) RIGHT OF TAXPAYER TO REQUEST THAT SEIZED PROPERTY BE SOLD WITHIN 60 DAYS.—Section 6335 of the 1986 Code (relating to
sale of seized property) is amended by redesignating subsection (f) as subsection (g) and by inserting after subsection (e) the following new subsection: "(f)
RIGHT TO REQUEST SALE OF SEIZED PROPERTY WITHIN
60
DAYS.—The owner of any property seized by levy may request that the Secretary sell such property within 60 days after such request (or within such longer period as may be specified by the owner). The Secretary shall comply with such request unless the Secretary determines (and notifies the owner within such period) that such compliance would not be in the best interests of the United States." 26 USC 6331
note.
(h) EFFECTIVE DATE.—
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