### Question
How is the "test-period beneficiary" defined?


### Answer
The term **test-period beneficiary** is defined in *26 U.S.C. § 144* as follows -

> 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**

