; and (ii) has a seriously delinquent tax debt. (D) Treatment of certain corporations A corporation shall be treated as a person with a seriously delinquent tax debt if such corporation has an officer or a shareholder who— (i) holds 50 percent or more, or a controlling interest that is less than 50 percent, of the outstanding shares of corporate stock in that corporation; and (ii) has a seriously delinquent tax debt. (2) Executive agency The term executive agency has the meaning given such term in section 133 of title 41, United States Code. (3) Seriously delinquent tax debt (A) In general The term seriously delinquent tax debt means a Federal tax liability that— (i) has been assessed by the Secretary of the Treasury under the Internal Revenue Code of 1986; and (ii) may be collected by the Secretary by levy or by a proceeding in court. (B) Exceptions Such term does not include— (i) a debt that is being paid in a timely manner pursuant to an agreement under section 6159 or section 7122 of such Code; (ii) a debt with respect to which a collection due process hearing under section 6330 of such Code, or relief under subsection (a), (b), or (f) of section 6015 of such Code, is requested or pending; (iii) a debt with respect to which a continuous levy has been issued under section 6331 of such Code (or, in the case of an applicant for employment, a debt with respect to which the applicant agrees to be subject to such a levy); and (iv) a debt with respect to which such a levy is released under section 6343(a)(1)(D) of such Code. 6. Effective date This Act shall apply with respect to contracts and grants awarded on or after the date occurring 270 days after the date of the enactment of this Act.