A bill to amend the provisions of the Internal Revenue Code of 1954 relating to tax sales so as to allow property seized for the collection of taxes to be released to the owner thereof in certain cases.

Summary

Amends the Internal Revenue Code to provide that if no person offers to buy the property seized by levy at a tax sale for a minimum bid price (determined by the Secretary of the Treasury) the Secretary may then: (1) consider the property purchased by the Government at such price; or (2) release the property back to the taxpayer if it is determined that it is against the Government's interest to acquire the property. Provides that any property released back to the taxpayer will be subject to any lien which has been imposed.

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Documents

1 official file

• Introduced in House

  summary · EN · 24 January 1985

  Open at official source

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