Rev. Rul. 2024-12, 2024-25 I.R.B. 1677

This revenue ruling provides various prescribed rates for federal income tax purposes for June 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. 2024-12 TABLE 1 Applicable Federal Rates (AFR) for June 2024 Period for Compounding

Annual

Semiannual

Quarterly

Monthly

Short-term

AFR

5.12%

5.06%

5.03%

5.01%

110% AFR

5.65%

5.57%

5.53%

5.51%

120% AFR

6.16%

6.07%

6.02%

5.99%

130% AFR

6.69%

6.58%

6.53%

6.49%

Mid-term

AFR

4.66%

4.61%

4.58%

4.57%

110% AFR

5.13%

5.07%

5.04%

5.02%

120% AFR

5.61%

5.53%

5.49%

5.47%

130% AFR

6.08%

5.99%

5.95%

5.92%

150% AFR

7.04%

6.92%

6.86%

6.82%

175% AFR

8.23%

8.07%

7.99%

7.94%

Long-term

AFR

4.79%

4.73%

4.70%

4.68%

110% AFR

5.27%

5.20%

5.17%

5.14%

120% AFR

5.76%

5.68%

5.64%

5.61%

130% AFR

6.24%

6.15%

6.10%

6.07%

REV. RUL. 2024-12 TABLE 2 Adjusted AFR for June 2024 Period for Compounding

Annual

Semiannual

Quarterly

Monthly

Short-term adjusted AFR

3.88%

3.84%

3.82%

3.81%

Mid-term adjusted AFR

3.53%

3.50%

3.48%

3.47%

Long-term adjusted AFR

3.62%

3.59%

3.57%

3.56%

REV. RUL. 2024-12 TABLE 3 Rates Under Section 382 for June 2024

Adjusted federal long-term rate for the current month

3.62%

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.)

3.62%

REV. RUL. 2024-12 TABLE 4 Appropriate Percentages Under Section 42(b)(1) for June 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

8.10%

Appropriate percentage for the 30% present value low-income housing credit

3.47%

REV. RUL. 2024-12 TABLE 5 Rate Under Section 7520 for June 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

5.6%

Section 42.—Low-Income Housing Credit

The applicable federal short-term, mid-term, and long-term rates are set forth for the month of June 2024. See Rev. Rul. 2024-12, page 1677.

Section 280G.—Golden Parachute Payments

The applicable federal short-term, mid-term, and long-term rates are set forth for the month of June 2024. See Rev. Rul. 2024-12, page 1677.

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 June 2024. See Rev. Rul. 2024-12, page 1677.

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 June 2024. See Rev. Rul. 2024-12, page 1677.

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 June 2024. See Rev. Rul. 2024-12, page 1677.

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 June 2024. See Rev. Rul. 2024-12, page 1677.

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 June 2024. See Rev. Rul. 2024-12, page 1677.

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 June 2024. See Rev. Rul. 2024-12, page 1677.

Section 7520.—Valuation Tables

The applicable federal mid-term rates are set forth for the month of June 2024. See Rev. Rul. 2024-12, page 1677.

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 June 2024. See Rev. Rul. 2024-12, page 1677.