Internal Revenue Bulletin — Rulings & Guidance
Rev. Rul. 2024-4 — 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 March 2024 (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. 2024-04 TABLE 1 Applicable Federal Rates (AFR) for March 2024 Period for Compounding
| Annual | Semiannual | Quarterly | Monthly | |
|---|---|---|---|---|
| Short-term | ||||
| AFR | 4.71% | 4.66% | 4.63% | 4.62% |
| 110% AFR | 5.20% | 5.13% | 5.10% | 5.08% |
| 120% AFR | 5.67% | 5.59% | 5.55% | 5.53% |
| 130% AFR | 6.15% | 6.06% | 6.01% | 5.98% |
| Mid-term | ||||
| AFR | 4.13% | 4.09% | 4.07% | 4.06% |
| 110% AFR | 4.55% | 4.50% | 4.47% | 4.46% |
| 120% AFR | 4.97% | 4.91% | 4.88% | 4.86% |
| 130% AFR | 5.39% | 5.32% | 5.29% | 5.26% |
| 150% AFR | 6.23% | 6.14% | 6.09% | 6.06% |
| 175% AFR | 7.29% | 7.16% | 7.10% | 7.06% |
| Long-term | ||||
| AFR | 4.40% | 4.35% | 4.33% | 4.31% |
| 110% AFR | 4.85% | 4.79% | 4.76% | 4.74% |
| 120% AFR | 5.29% | 5.22% | 5.19% | 5.16% |
| 130% AFR | 5.74% | 5.66% | 5.62% | 5.59% |
REV. RUL. 2024-04 TABLE 2 Adjusted AFR for March 2024 Period for Compounding
| Annual | Semiannual | Quarterly | Monthly | |
|---|---|---|---|---|
| Short-term adjusted AFR | 3.57% | 3.54% | 3.52% | 3.51% |
| Mid-term adjusted AFR | 3.13% | 3.11% | 3.10% | 3.09% |
| Long-term adjusted AFR | 3.33% | 3.30% | 3.29% | 3.28% |
REV. RUL. 2024-04 TABLE 3 Rates Under Section 382 for March 2024
| Adjusted federal long-term rate for the current month | 3.33% |
| 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.) | 3.44% |
REV. RUL. 2024-04 TABLE 4 Appropriate Percentages Under Section 42(b)(1) for March 2024
| 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 | 7.99% |
| Appropriate percentage for the 30% present value low-income housing credit | 3.42% |
Section 42.—Low-Income Housing Credit
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of March 2024. See Rev. Rul. 2024-04, page 686.
Section 280G.—Golden Parachute Payments
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of March 2024. See Rev. Rul. 2024-04, page 686.
Section 382.—Limitation on Net Operating Loss Carryforwards and Certain Built-In Losses Following Ownership Change
The adjusted applicable federal long-term rate is set forth for the month of March 2024. See Rev. Rul. 2024-04, page 686.
Section 467.—Certain Payments for the Use of Property or Services
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of March 2024. See Rev. Rul. 2024-04, page 686.
Section 468.—Special Rules for Mining and Solid Waste Reclamation and Closing Costs
The applicable federal short-term rates are set forth for the month of March 2024. See Rev. Rul. 2024-04, page 686.
Section 482.—Allocation of Income and Deductions Among Taxpayers
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of March 2024. See Rev. Rul. 2024-04, page 686.
Section 483.—Interest on Certain Deferred Payments
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of March 2024. See Rev. Rul. 2024-04, page 686.
Section 1288.—Treatment of Original Issue Discount on Tax-Exempt Obligations
The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of March 2024. See Rev. Rul. 2024-04, page 686.
Section 7520.—Valuation Tables
The applicable federal mid-term rates are set forth for the month of March 2024. See Rev. Rul. 2024-04, page 686.
Section 7872.—Treatment of Loans With Below-Market Interest Rates
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of March 2024. See Rev. Rul. 2024-04, page 686.
Source: official text