PUBLIC LAW 98-369—JULY 18, 1984 "(ii) subsection (g) (relating to qualified steam-generating or alcohol-producing facilities)." SEC. 623. AGGREGATE LIMIT PER TAXPAYER FOR SMALL ISSUE EXCEPTION. Subsection (b) of section 103 (relating to industrial development bonds) is amended by adding at the end thereof the following new paragraph: "(15) AGGREGATE LIMIT EXCEPTION.—
98 STAT. 921
26 USC 103.
PER TAXPAYER FOR SMALL ISSUE
"(A) IN GENERAL.—Paragraph (6) of 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 IDE's of such beneficiary) exceeds $40,000,000. j;
"(B) OUTSTANDING TAX-EXEMPT IDB'S OF ANY PERSON.—For
purposes of applying subparagraph (A) with respect to any issue, the outstanding tax-exempt IDB's of any person who is a test-period beneficiary with respect to such issue is the aggregate face amount of all industrial development bonds the interest on which is exempt from tax under subsection (a)"(i) which are allocated to such beneficiary, and "(ii) which are outstanding at the time of such later issue (not including as outstanding any obligation which is to be redeemed from the proceeds of the later issue). "(C) ALLOCATION OF FACE AMOUNT OF AN ISSUE.—
"(i) IN GENERAL.—Except as otherwise provided in 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 regulations, 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 was 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) the date such facilities were placed in service, or "(ii) the date of the issue. "(E) TREATMENT OF RELATED PERSONS.—For purposes of this paragraph, all persons who are related (within the meaning of paragraph (6)(C)) to each other shall be treated as one person."
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