Internal Revenue Bulletin — Rulings & Guidance
Rev. Rul. 2025-21 — 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 November 2025 (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. 2025-21 TABLE 1 Applicable Federal Rates (AFR) for November 2025 Period for Compounding
| Annual | Semiannual | Quarterly | Monthly | |
|---|---|---|---|---|
| Short-term | ||||
| AFR | 3.69% | 3.66% | 3.64% | 3.63% |
| 110% AFR | 4.07% | 4.03% | 4.01% | 4.00% |
| 120% AFR | 4.44% | 4.39% | 4.37% | 4.35% |
| 130% AFR | 4.82% | 4.76% | 4.73% | 4.71% |
| Mid-term | ||||
| AFR | 3.83% | 3.79% | 3.77% | 3.76% |
| 110% AFR | 4.21% | 4.17% | 4.15% | 4.13% |
| 120% AFR | 4.60% | 4.55% | 4.52% | 4.51% |
| 130% AFR | 4.99% | 4.93% | 4.90% | 4.88% |
| 150% AFR | 5.77% | 5.69% | 5.65% | 5.62% |
| 175% AFR | 6.74% | 6.63% | 6.58% | 6.54% |
| Long-term | ||||
| AFR | 4.62% | 4.57% | 4.54% | 4.53% |
| 110% AFR | 5.09% | 5.03% | 5.00% | 4.98% |
| 120% AFR | 5.56% | 5.48% | 5.44% | 5.42% |
| 130% AFR | 6.03% | 5.94% | 5.90% | 5.87% |
REV. RUL. 2025-21 TABLE 2 Adjusted AFR for November 2025 Period for Compounding
| Annual | Semiannual | Quarterly | Monthly | |
|---|---|---|---|---|
| Short-term adjusted AFR | 2.80% | 2.78% | 2.77% | 2.76% |
| Mid-term adjusted AFR | 2.90% | 2.88% | 2.87% | 2.86% |
| Long-term adjusted AFR | 3.50% | 3.47% | 3.46% | 3.45% |
REV. RUL. 2025-21 TABLE 3 Rates Under Section 382 for November 2025
| Adjusted federal long-term rate for the current month | 3.50% |
| 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.) | 3.65% |
REV. RUL. 2025-21 TABLE 4 Appropriate Percentages Under Section 42(b)(1) for November 2025
| 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 | 7.98% |
| 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 November 2025. See Rev. Rul. 2025-21, page 690.
Section 280G.—Golden Parachute Payments
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of November 2025. See Rev. Rul. 2025-21 page 690.
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 November 2025. See Rev. Rul. 2025-21, page 690.
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 November 2025. See Rev. Rul. 2025-21, page 690.
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 November 2025. See Rev. Rul. 2025-21, page 690.
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 November 2025. See Rev. Rul. 2025-21, page 690.
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 November 2025. See Rev. Rul. 2025-21, page 690.
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 November 2025. See Rev. Rul. 2025-21, page 690.
Section 7520.—Valuation Tables
The applicable federal mid-term rates are set forth for the month of November 2025. See Rev. Rul. 2025-21, page 690.
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 November 2025. See Rev. Rul. 2025-21, page 690.
Source: official text