This revenue ruling provides various prescribed rates for federal income tax purposes for January 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%. 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. Table 6 contains the deemed rate of return for transfers made during calendar year 2024 to pooled income funds described in section 642(c)(5) that have been in existence for less than 3 taxable years immediately preceding the taxable year in which the transfer was made. Finally, Table 7 contains the average of the applicable federal mid-term rates (based on annual compounding) for the 60-month period ending December 31, 2023, for purposes of section 7702(f)(11).
REV. RUL. 2024-02 TABLE 1 Applicable Federal Rates (AFR) for January 2024 Period for Compounding
| Annual | Semiannual | Quarterly | Monthly | |
|---|---|---|---|---|
| Short-term | ||||
| AFR | 5.00% | 4.94% | 4.91% | 4.89% |
| 110% AFR | 5.50% | 5.43% | 5.39% | 5.37% |
| 120% AFR | 6.02% | 5.93% | 5.89% | 5.86% |
| 130% AFR | 6.52% | 6.42% | 6.37% | 6.34% |
| Mid-term | ||||
| AFR | 4.37% | 4.32% | 4.30% | 4.28% |
| 110% AFR | 4.81% | 4.75% | 4.72% | 4.70% |
| 120% AFR | 5.25% | 5.18% | 5.15% | 5.12% |
| 130% AFR | 5.70% | 5.62% | 5.58% | 5.56% |
| 150% AFR | 6.58% | 6.48% | 6.43% | 6.39% |
| 175% AFR | 7.70% | 7.56% | 7.49% | 7.44% |
| Long-term | ||||
| AFR | 4.54% | 4.49% | 4.47% | 4.45% |
| 110% AFR | 5.00% | 4.94% | 4.91% | 4.89% |
| 120% AFR | 5.46% | 5.39% | 5.35% | 5.33% |
| 130% AFR | 5.93% | 5.84% | 5.80% | 5.77% |
REV. RUL. 2024-02 TABLE 2 Adjusted AFR for January 2024 Period for Compounding
| Annual | Semiannual | Quarterly | Monthly | |
|---|---|---|---|---|
| Short-term adjusted AFR | 3.79% | 3.75% | 3.73% | 3.72% |
| Mid-term adjusted AFR | 3.31% | 3.28% | 3.27% | 3.26% |
| Long-term adjusted AFR | 3.44% | 3.41% | 3.40% | 3.39% |
REV. RUL. 2024-02 TABLE 3 Rates Under Section 382 for January 2024
| Adjusted federal long-term rate for the current month | 3.44% |
| 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.) | 3.81% |
REV. RUL. 2024-02 TABLE 4 Appropriate Percentages Under Section 42(b)(1) for January 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 | 8.04% |
| Appropriate percentage for the 30% present value low-income housing credit | 3.44% |
REV. RUL. 2024-02 TABLE 5 Rate Under Section 7520 for January 2024
| 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 | 5.20% |
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of January 2024. See Rev. Rul. 2024-02, page 311.
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of January 2024. See Rev. Rul. 2024-02, page 311.
The adjusted applicable federal long-term rate is set forth for the month of January 2024. See Rev. Rul. 2024-02, page 311.
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of January 2024. See Rev. Rul. 2024-02, page 311.
The applicable federal short-term rates are set forth for the month of January 2024. See Rev. Rul. 2024-02, page 311.
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of January 2024. See Rev. Rul. 2024-02, page 311.
The applicable federal short-term, mid-term, and long-term rates are set forth for the month of January 2024. See Rev. Rul. 2024-02, page 311.
The adjusted applicable federal short-term, mid-term, and long-term rates are set forth for the month of January 2024. See Rev. Rul. 2024-02, page 311.
The applicable federal mid-term rates are set forth for the month of January 2024. See Rev. Rul. 2024-02, page 311.
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