### Question
Can you define what test-period beneficiary means?


### Answer
**Test-period beneficiary** is defined as the following in *26 U.S.C. § 144*:

> 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**

