(A) the liability for which such levy was made is satisfied or becomes unenforceable by reason of lapse of time,

(B) release of such levy will facilitate the collection of such liability,

(C) the taxpayer has entered into an agreement under section three thousand ten of this article to satisfy such liability by means of installment payments and such agreement provides for the release of levy,

(D) the fair market value of the property exceeds such liability and release of a levy on a part of such property could be made without hindering the timely collection of such liability, or

(E) the commissioner has determined that such levy is creating an economic hardship due to the financial condition of an individual taxpayer.

(2) Expedited determination of certain business property. In the case of any tangible personal property essential in carrying on the trade or business of the taxpayer, the commissioner shall provide for an expedited determination under paragraph one of this subdivision if levy upon such tangible personal property would prevent the taxpayer from carrying on such trade or business.

(3) The release of levy on any property under paragraph one or two of this subdivision shall not prevent any subsequent levy on such property.

(b) Return of property. If the commissioner determines that property has been wrongfully levied upon, it shall be lawful for the commissioner to return:

(1) the specified property levied upon,

(2) the amount of money equal to the amount of money levied upon, or

(3) an amount of money equal to the fair market value of such property.

(c) Interest. Interest shall be allowed and paid at the rate established under section six hundred eighty-eight of this chapter on the amount of money or the fair market value of the property seized.

(d) Return of property in certain cases. If the commissioner determines that with respect to any property which has been levied upon:

(1) the levy on such property was premature or otherwise not in accordance with administrative procedures of the commissioner,

(2) the taxpayer has entered into an agreement under section three thousand ten of this article to satisfy the tax liability for which the levy was imposed by means of installment payments, unless such agreement provides otherwise,

(3) the return of such property will facilitate the collection of the tax liability, or

(4) with the consent of the taxpayer or the commissioner, the return of such property would be in the best interests of the taxpayer (as determined by the commissioner) and the state of New York, the provisions of subdivision (b) of this section shall apply in the same manner as if such property had been wrongly levied upon, except that no interest shall be allowed under subdivision (c) of this section.