### Question
How does TAX EXEMPTION REQUIREMENTS FOR STATE AND LOCAL BONDS define test-period beneficiary?


### Answer
Under *26 U.S.C. § 144*, **test-period beneficiary** is defined as:

> 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) the date such facilities were placed in service, or


(ii) the date of issue

#### Citation:
  - *26 U.S.C. § 144*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter B-Computation of Taxable Income > PART IV-TAX EXEMPTION REQUIREMENTS FOR STATE AND LOCAL BONDS > Subpart A-Private Activity Bonds**

