PUBLIC LAW 105-206-JULY 22, 1998 112 STAT. 763 "(13) RESIDENCES EXEMPT IN SMALL DEFICIENCY CASES AND PRINCIPAL RESIDENCES AND CERTAIN BUSINESS ASSETS EXEMPT IN ABSENCE OF CERTAIN APPROVAL OR JEOPARDY. — " (A) RESIDENCES IN SMALL DEFICIENCY CASES. —I f the amount of the levy does not exceed $5,000— "(i) any real property used as a residence by the taxpayer; or "(ii) any real property of the taxpayer (other than real property which is rented) used by any other individual as a residence. "(B) PRINCIPAL RESIDENCES AND CERTAIN BUSINESS ASSETS.—Except to the extent provided in subsection (e)— "(i) the principal residence of the taxpayer (within the meaning of section 121); and "(ii) tangible personal property or real property (other than real property which is rented) used in the trade or business of an individual taxpayer.". (b) LEVY ALLOWED IN CERTAIN CIRCUMSTANCES.— Section 6334(e) is amended to read as follows: "(e) LEVY ALLOWED ON PRINCIPAL RESIDENCES AND CERTAIN BUSINESS ASSETS IN CERTAIN CIRCUMSTANCES.— "(1) PRINCIPAL RESIDENCES.— "(A) APPROVAL REQUIRED.—^A principal residence shall not be exempt from levy if a judge or magistrate of a district court of the United States approves (in writing) the levy of such residence. "(B) JURISDICTION.— The district courts of the United States shall have exclusive jurisdiction to approve a levy under subparagraph (A). "(2) CERTAIN BUSINESS ASSETS. — Property (other than a principal residence) described in subsection (a)(13)(B) shall not be exempt from levy if— "(A) a district director or assistant district director of the Internal Revenue Service personally approves (in writing) the levy of such property; or "(B) the Secretary finds that the collection of tax is in jeopardy. An official may not approve a levy under subparagraph (A) unless the official determines that the taxpayer's other assets subject to collection are insufficient to pay the amount due, together with expenses of the proceedings.". (c) STATE FISH AND WILDLIFE PERMITS. — 26 USC 6334 (1) IN GENERAL. —With respect to permits issued by a State noteand required under State law for the harvest of fish or wildlife in the trade or business of an individual taxpayer, the term "other assets" as used in section 6334(e)(2) of the Internal Revenue Code of 1986 shall include future income which may be derived by such taxpayer from the commercial sale of fish or wildlife under such permit. (2) CONSTRUCTION. —Paragraph (1) shall not be construed to invalidate or in any way prejudice any assertion that the privilege embodied in permits described in paragraph (1) is not property or a right to property under the Internal Revenue Code of 1986. (d) EFFECTIVE DATE. —The amendments made by this section 26 USC 6334 shall take effect on the date of the enactment of this Act. note.
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