PUBLIC LAW 97-248—SEPT. 3, 1982
96 STAT. 467
a principal user of a facility if such person (or a group of related persons which includes such person)— "(i) g u a r a n t e e s, a r r a n g e s, participates in, or assists with the issuance (or pays any portion of the cost of issuance) of any obligation the proceeds of which a r e to be used to finance or refinance such facility, and "(ii) provides any property, or any franchise, trade m a r k, or trade n a m e (within the m e a n i n g of section 1253), which is to be used in connection with such facility." (b) SMALL ISSUE E X E M P T I O N N O T ALLOWED W H E R E OBLIGATIONS ISSUED AS P A R T OF ISSUE E X E M P T F R O M T A X OTHER T H A N AS A
SMALL I S S U E. — Paragraph (6) of section 103(b), as amended by subsection (a), is amended by adding a t the end thereof the following new subparagraph:
26 USC 103.
"(M) PARAGRAPH N O T TO APPLY I F OBLIGATIONS ISSUED
WITH CERTAIN OTHER TAX-EXEMPT OBLIGATIONS.—This paragraph shall not apply to any obligation which is issued as part of a n issue (other than a n issue to which subparagraph (D) applies) if the i n t e r e s t on any other obligation which is part of such issue is excluded from gross income under any provision of law other than this paragraph. " (c) TERMINATION OF SMALL ISSUE E X E M P T I O N A F T E R DECEMBER 31,
1986.—Paragraph (6) of section 103(b), as amended by subsections (a) and (b), is amended by adding a t the end thereof the following new subparagraph: "(N) PARAGRAPH NOT TO APPLY TO OBLIGATIONS ISSUED
AFTER DECEMBER 31, 1986.—This paragraph shall not apply to any obligation issued after December 31, 1986 (including any obligation issued to refund a n obligation issued on or before such date)." (d) EXCLUSION OF CERTAIN RESEARCH EXPENDITURES F R O M THE LIMITATION O N CERTAIN INDUSTRIAL DEVELOPMENT B O N D S. — S u b p a r -
a g r a p h (F) of section 103(b)(6) (relating to exclusion of certain expenditures) is amended — (1) by striking out " o r " a t the end of clause (ii), (2) by adding " o r " at the end of clause (iii), and (3) by adding a t the end thereof the following n e w "(iv) described in clause (i) or (ii) of 44F(b)(2)(A) for which a deduction was allowed section 174(a),".
capital
clause: section under
(e) RESTRICTIONS ON F I N A N C I N G CERTAIN F A C I L I T I E S. — Paragraph
(6) of section 103(b) is amended by adding a t the end thereof the following n e w subparagraph: "(O)
RESTRICTIONS ON F I N A N C I N G CERTAIN
FACILITIES.—
This paragraph shall not apply to a n issue if— "(i) more than 25 percent of the proceeds of the issue a r e used to provide a facility the p r i m a r y purpose of which is one of the following: retail food and beverage services, automobile sales or service, or the provision of recreation or enter t a i n m e n t; or "(ii) any portion of the proceeds of the issue is to be used to provide the following: any private or commercial golf course, c o u n t r y club, massage parlor, t e n n i s club, s k a t i n g facility (including roller skating, skateboard, and ice skating), racquet sports facility (includ-
95 Stat. 241.
�
