Taxpayers' Procedural Safeguard Act

[AI summary unavailable — showing source text] Taxpayers' Procedural Safeguard Act - Amends the Internal Revenue Code to increase from ten days to 30 days the time period during which a taxpayer must pay a tax deficiency after notice and demand for payment. Sets forth requirements for information which must be included with such notice to a taxpayer. Allows the release of a levy upon the wages or salary of a taxpayer if: (1) the taxpayer has entered into an agreement for the payment of tax liability; or (2) the Secretary of the Treasury determines that such liability is unenforceable due to the financial condition of the taxpayer. (Present law allows the release of a levy only when the liability is satisfied or becomes unenforceable due to lapse of time.) Increases by specified amounts the aggregate sum of a taxpayer's personal effects and trade or business property which is exempt from levy. Increases by specified amounts the wages, salary, and other income of a taxpayer which is exempt from levy. Exempts from levy: (1) the principal residence of the taxpayer; (2) any motor vehicle used for transportation to the place of business of the taxpayer; and (3) any tangible personal property used in carrying on the trade or business …