NOTIFICATION OF REASONS FOR TERMINATION OF INSTALLMENT AGREEMENTS.

Sec. 201. NOTIFICATION OF REASONS FOR TERMINATION OF INSTALLMENT AGREEMENTS. (a) Terminations.— Subsection (b) of section 6159 (relating to extent to which agreements remain in effect) is amended by adding at the end the following new paragraph: “(5) Notice Requirements.— The Secretary may not take any action under paragraph (2), (3), or (4) unless— “(A) a notice of such action is provided to the taxpayer not later than the day 30 days before the date of such action, and “(B) such notice includes an explanation why the Secretary intends to take such action. the preceding sentence shall not apply in any case in which the Secretary believes that collection of any tax to which an agreement under this section relates is in jeopardy.”. (b) Conforming Amendment.— Paragraph (3) of section 6159(b) is amended to read as follows: “(3) Subsequent Change in Financial Conditions.— If the Secretary makes a determination that the financial condition 110 STAT. 1457of a taxpayer with whom the Secretary has entered into an agreement under subsection (a) has significantly changed, the Secretary may alter, modify, or terminate such agreement.”, (c) Effective Date.— The amendments made by this section shall take effect on the date 6 months after the date of the enactment of this Act.