RELEASE OF LEVY UPON AGREEMENT THAT AMOUNT IS UNCOLLECTIBLE.

SEC. 3432. RELEASE OF LEVY UPON AGREEMENT THAT AMOUNT IS UNCOLLECTIBLE. (a) In General.— Section 6343 (relating to authority to release levy and return property) is amended by adding at the end the following new subsection: “(e) Release of Levy Upon Agreement That Amount is not Collectible.— In the case of a levy on the salary or wages payable to or received by the taxpayer, upon agreement with the taxpayer that the tax is not collectible, the Secretary shall release such levy as soon as practicable.”. (b) Effective Date.— The amendment made by this section shall apply to levies imposed after December 31, 1999.