Section 1320-02-01-.26 - RELEASE OF LEVY(1) The Commissioner or his delegate may release the levy upon either all or part of the property or rights to property levied upon where the Commissioner or his delegate determines that such action will facilitate the collection of the liability. Such a release shall not operate to prevent any subsequent levy upon the same or other property of the delinquent taxpayer.(2) A levy may be released under the provisions of T.C.A. § 67-1-1427 only if the delinquent taxpayer complies with such of the conditions thereunder as the Commissioner or his delegate may require.(3) The Commissioner or his delegate may release the levy as authorized hereunder if any one or more of the - following arrangements are made or circumstances are found to exist:(a) The delinquent taxpayer offers, and there is accepted by the Commissioner or his delegate, a satisfactory arrangement placing property in escrow to secure the payment of the liability (including the expenses of levy) which is the basis of the levy.(b) The delinquent taxpayer delivers an acceptable bond to the Commissioner or his delegate conditioned upon the payment of the liability (including the expenses of levy) which is the basis of the law.(c) The delinquent taxpayer or any other person having an interest in the property levied upon pays to the Commissioner or his delegate an amount determined by him to be equal to the interest of the state in the seized property or the part of the seized property to be released.(d) The delinquent tax payer executes an agreement directing his employer to pay to the Commissioner or his delegate amounts deducted from the employee's salaries or wages on a regular, continuing, or periodic basis, in such manner and in such amount as is agreed upon with the Commissioner or his delegate, until the full amount of the tax liability is satisfied, and such agreement is accepted by the employer.(e) The delinquent taxpayer makes satisfactory arrangements with the Commissioner or his delegate to pay the amount of the tax liability in installments.(f) The delinquent taxpayer executes an agreement to extend the statute of limitations on the collection of taxes.(g) The Commissioner or his delegate may release the levy if he determines that the value of the interest of the state in the seized property, or in the part of the seized property to be released is insufficient to cover the expenses of the sale of such property to be released, is insufficient to cover the expenses of the sale of such property and such action will facilitate the collection of the liability to the extent that the incurrence of additional liability is thereby avoided.Tenn. Comp. R. & Regs. 1320-02-01-.26
Original rule filed June 7, 1974. Amendment filed June 22, 1989; effective September 27, 1989.Authority: T.C.A. §§ 67-1-1439 and 67-1427.