Rev. Rul. 2023-9 — Federal rates; adjusted federal rates; adjusted federal long-term rate, and the long-term tax exempt rate.

This revenue ruling provides various prescribed rates for federal income tax purposes for May 2023 (the current month). Table 1 contains the short-term, mid-term, and long-term applicable federal rates (AFR) for the current month for purposes of section 1274(d) of the Internal Revenue Code. Table 2 contains the short-term, mid-term, and long-term adjusted applicable federal rates (adjusted AFR) for the current month for purposes of section 1288(b). Table 3 sets forth the adjusted federal long-term rate and the long-term tax-exempt rate described in section 382(f). Table 4 contains the appropriate percentages for determining the low-income housing credit described in section 42(b)(1) for buildings placed in service during the current month. However, under section 42(b)(2), the applicable percentage for non-federally subsidized new buildings placed in service after July 30, 2008, shall not be less than 9%. Finally, Table 5 contains the federal rate for determining the present value of an annuity, an interest for life or for a term of years, or a remainder or a reversionary interest for purposes of section 7520.

REV. RUL. 2023-9 TABLE 1 Applicable Federal Rates (AFR) for May 2023 Period for Compounding

	Annual	Semiannual	Quarterly	Monthly
Short-term
AFR	4.30%	4.25%	4.23%	4.21%
110% AFR	4.73%	4.68%	4.65%	4.64%
120% AFR	5.17%	5.10%	5.07%	5.05%
130% AFR	5.61%	5.53%	5.49%	5.47%
Mid-term
AFR	3.57%	3.54%	3.52%	3.51%
110% AFR	3.93%	3.89%	3.87%	3.86%
120% AFR	4.30%	4.25%	4.23%	4.21%
130% AFR	4.65%	4.60%	4.57%	4.56%
150% AFR	5.38%	5.31%	5.28%	5.25%
175% AFR	6.30%	6.20%	6.15%	6.12%
Long-term
AFR	3.72%	3.69%	3.67%	3.66%
110% AFR	4.10%	4.06%	4.04%	4.03%
120% AFR	4.48%	4.43%	4.41%	4.39%
130% AFR	4.86%	4.80%	4.77%	4.75%

REV. RUL. 2023-9 TABLE 2 Adjusted AFR for May 2023 Period for Compounding

	Annual	Semiannual	Quarterly	Monthly
Short-term adjusted AFR	3.26%	3.23%	3.22%	3.21%
Mid-term adjusted AFR	2.71%	2.69%	2.68%	2.68%
Long-term adjusted AFR	2.82%	2.80%	2.79%	2.78%

REV. RUL. 2023-9 TABLE 3 Rates Under Section 382 for May 2023

Adjusted federal long-term rate for the current month	2.82%
Long-term tax-exempt rate for ownership changes during the current month (the highest of the adjusted federal long-term rates for the current month and the prior two months.)	3.04%

REV. RUL. 2023-9 TABLE 4 Appropriate Percentages Under Section 42(b)(1) for May 2023

Note: Under section 42(b)(2), the applicable percentage for non-federally subsidized new buildings placed in service after July 30, 2008, shall not be less than 9%.
Appropriate percentage for the 70% present value low-income housing credit	7.84%
Appropriate percentage for the 30% present value low-income housing credit	3.36%

REV. RUL. 2023-9 TABLE 5 Rate Under Section 7520 for May 2023

Applicable federal rate for determining the present value of an annuity, an interest for life or a term of years, or a remainder or reversionary interest

4.40%