Page:United States Statutes at Large Volume 100 Part 3.djvu/816

 100 STAT. 2624

PUBLIC LAW 99-514—OCT. 22, 1986 with respect to any of such issues shall be treated as a principal user with respect to the aggregated issue). "(10) AGGREGATE LIMIT PER TAXPAYER.—

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"(A) IN GENERAL.—This subsection shall not apply to any issue if the aggregate authorized face amount of such issue allocated to any test-period beneficiary (when increased by the outstanding tax-exempt facility-related bonds of such beneficiary) exceeds $40,000,000. "(B) OUTSTANDING TAX-EXEMPT FACILITY-RELATED BONDS.—

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"(i) IN GENERAL.—For purposes of applying subparagraph (A) with respect to any issue, the outstanding tax-exempt facility-related bonds of any person who is a test-period beneficiary with respect to such issue is the aggregate amount of tax-exempt bonds referred to in clause (ii)— "(I) which are allocated to such beneficiary, and ' "(II) which are outstanding at the time of such later issue (not including as outstanding any bond which is to be redeemed (other than in an advance refunding) from the net proceeds of the later issue). "(ii) BONDS TAKEN INTO ACCOUNT.—For purposes of

clause (i), the bonds referred to in this clause are— j,: , "(I) exempt facility bonds, qualified small issue i V r-'f,. bonds, and qualified redevelopment bonds, and .'^ /. ' "(II) industrial development bonds (as defined in section 103(b)(2), as in effect on the day before the ,» ^ date of the enactment of the Tax Reform Act of ^ 1986) to which section 141(a) does not apply. "(C) ALLOCATION OF FACE AMOUNT OF ISSUE.—

"(i) IN GENERAL.—Except as otherwise provided in ,.. J .. regulations, the portion of the face amount of an issue allocated to any test-period beneficiary of a facility financed by the proceeds of such issue (other than an owner of such facility) is an amount which bears the same relationship to the entire face amount of such issue as the portion of such facility used by such beneficiary bears to the entire facility. "(ii) OWNERS.—Except as otherwise provided in regu., lations, the portion of the face amount of an issue '" '-.. allocated to any test-period beneficiary who is an owner of a facility financed by the proceeds of such issue is an amount which bears the same relationship to the entire face amount of such issue as the portion of such facility owned by such beneficiary bears to the entire facility. ' "(D) TEST-PERIOD BENEFICIARY.—For purposes of this paragraph, except as provided in regulations, the term 'testperiod beneficiary' means any person who is an owner or a principal user of facilities being financed by the issue at ,,, any time during the 3-year period beginning on the later ^ of,, i.,. '^i^ ^^® ^^^^ such facilities were placed in service, or "(ii) the date of issue. "(E) TREATMENT OF RELATED PERSONS.—For purposes of this paragraph, all persons who are related (within the meaning of paragraph (3)) to each other shall be treated as 1 person.

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