59-1-1707. Commission requirement to provide notice of levy to depository institution -- Duration of levy.
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Effective 1/1/2017
59-1-1707. Commission requirement to provide notice of levy to depository institution -- Duration of levy.
(1)The commission shall provide, within three business days after a depository institution provides the commission information described in Section 59-1-1706 , a notice of levy to the depository institution by electronic means:
(a)stating that the commission levies an amount equal to the liability of a delinquent taxpayer that is an account holder at the depository institution; and
(b)identifying the account subject to levy.
(2)A levy described in Subsection
(1)is valid until the earlier of:
(a)the day on which the commission releases the levy;
(b)the day on which the delinquent taxpayer satisfies the liability; or
(c)the day on which the depository institution releases, in accordance with Section 59-1-1711 , the amounts deposited into the account of the delinquent taxpayer.
(3)The commission shall provide notice to a depository institution by electronic means:
(a)if the commission releases a levy, no later than one business day after the day on which the commission releases the levy; or
(b)if a delinquent taxpayer satisfies the liability, no later than one business day after the day on which the delinquent taxpayer satisfies the liability.
Enacted by Chapter 326 , 2016 General Session