Page:United States Statutes at Large Volume 102 Part 4.djvu/769

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PUBLIC LAW 100-647—NOV. 10, 1988

102 STAT. 3739

"(11) CERTAIN PUBLIC ASSISTANCE PAYMENTS.—Any amount payable to an individual as a recipient of public assistance under— "(A) title IV (relating to aid to families with dependent children) or title XVI (relating to supplemental security income for the aged, blind, and disabled) of the Social Security Act, or "(B) State or local government public assistance or public welfare programs for which eligibility is determined by a needs or income test. "(12)

ASSISTANCE UNDER JOB TRAINING PARTNERSHIP ACT.—

Any amount payable to a participant under the Job Training Partnership Act (29 U.S.C. 1501 et seq.) from funds appropriated pursuant to such Act. "(13)

PRINCIPAL RESIDENCE EXEMPT IN ABSENCE OF CERTAIN

APPROVAL OR JEOPARDY.—Except to the extent provided in subsection (e), the principal residence of the taxpayer (within the meaning of section 1034)." (B) LEVY PERMITTED ON PRINCIPAL RESIDENCE IN CASE OF JEOPARDY OR APPROVAL BY CERTAIN OFFICIALS.—Section 6 3 3 4

of the 1986 Code is amended by adding at the end thereof the following new subsection: "(e) LEVY ALLOWED ON PRINCIPAL RESIDENCE IN CASE OF JEOPARDY OR CERTAIN APPROVAL.—Property described in subsection (a)(13)

shall not be exempt from levy if— "(1) a district director or sissistant district director of the Internal Revenue Service personally approves (in writing) the levy of such property, or (2) the Secretary finds that the collection of tax is in jeopardy." (d) UNECONOMICAL LEVY; LEVY ON APPEARANCE DATE OF SUM-

MONS.—Section 6331 of the 1986 Code (relating to levy and distraint) is amended by redesignating subsection (f) as subsection (h) and by inserting after subsection (e) the following new subsections: "(f) UNECONOMICAL LEVY.—No levy may be made on any property if the amount of the expenses which the Secretary estimates (at the time of levy) would be incurred by the Secretary with respect to the levy and sale of such property exceeds the fair market value of such property at the time of levy. "(g) LEVY ON APPEARANCE DATE OF SUMMONS.—

"(1) IN GENERAL.—No levy may be made on the property of any person on any day on which such person (or officer or employee of such person) is required to appear in response to a summons issued by the Secretary for the purpose of collecting any underpayment of tax. "(2) No APPLICATION IN CASE OF JEOPARDY.—This subsection shall not apply if the Secretary finds that the collection of tax is in jeopardy.' (e) SURRENDER OF BANK ACCOUNTS SUBJECT TO LEVY ONLY AFTER 21 DAYS.—

(1) IN GENERAL.—Section 6332 of the 1986 Code (relating to surrender of property subject to levy), as amended by title I of this Act is amended by redesignating subsections (c), (d), and (e) as subsections (d), (e), and (f), respectively, and by inserting after subsection (b) the following new subsection: "(c) SPECIAL RULE FOR BANKS.—Any bank (as defined in section 408(n)) shall surrender (subject to an attachment or execution under

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