PUBLIC LAW 104-168-JULY 30, 1996 110 STAT. 1461 was imposed by means of installment payments, unless such agreement provides otherwise, "(C) the return of such property will facilitate the collection of the tax liability, or "(D) with the consent of the taxpayer or the Taxpayer Advocate, the return of such property would be in the best interests of the taxpayer (as determined by the Taxpayer Advocate) and the United States, the provisions of subsection (b) shall apply in the same manner as if such property had been wrongly levied upon, except that no interest shall be allowed under subsection (c).". (d) EFFECTIVE DATE. —The amendments made by this section 26 USC 6323 shall take effect on the date of the enactment of this Act. ^°^- SEC. 502. MODIFICATIONS TO CERTAIN LEVY EXEMPTION AMOUNTS. (a) FUEL, ETC.— Paragraph (2) of section 6334(a) (relating to fuel, provisions, furniture, and personal effects exempt from levy) is amended— (1) by striking "If the taxpayer is the head of a family, so" and inserting "So", (2) by striking "his household" and inserting "the taxpayer's household", and (3) by striking "$1,650 ($1,550 in the case of levies issued during 1989)" and inserting "$2,500". (b) BOOKS, ETC.— Paragraph (3) of section 6334(a) (relating to books and tools of a trade, business, or profession) is amended by striking "$1,100 ($1,050 in the case of levies issued during 1989)" and inserting "$1,250". (c) INFLATION ADJUSTMENT.— Section 6334 (relating to property exempt from levy) is amended by adding at the end the following new subsection: "(f) INFLATION ADJUSTMENT.— "(1) IN GENERAL.—In the case of any calendar year beginning after 1997, each dollar amount referred to in paragraphs (2) and (3) of subsection (a) shall be increased by an amount equal to— "(A) such dollar amount, multiplied by "(B) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year, by substituting 'calendar year 1996' for 'calendar year 1992' in subparagraph (B) thereof. "(2) ROUNDING.— If any dollar amount after being increased under paragraph (1) is not a multiple of $10, such dollar amount shall be rounded to the nearest miiltiple of $10.". (d) EFFECTIVE DATE.— The amendments made by this section 26 USC 6334 shall take effect with respect to levies issued after December 31, ^ote. 1996. SEC. 503. OFFERS-IN-COMPROMISE. (a) REVIEW REQUIREMENTS.—Subsection (b) of section 7122 (relating to records) is amended by striking "$500." and inserting "$50,000. However, such compromise shall be subject to continuing quality review by the Secretary.". (b) EFFECTIVE DATE.— The amendment made by this section 26 USC 7122 shall take effect on the date of the enactment of this Act. note.
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