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Internal Revenue Bulletin:  2014-37 

September 8, 2014 

Rev. Rul. 2014–22


Table of Contents

This revenue ruling provides various prescribed rates for federal income tax purposes for September 2014 (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, with respect to housing credit dollar amount allocations made before January 1, 2014, 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. 2014–22 TABLE 1
Applicable Federal Rates (AFR) for September 2014
Period for Compounding
  Annual Semiannual Quarterly Monthly
Short-term
AFR .36% .36% .36% .36%
110% AFR .40% .40% .40% .40%
120% AFR .43% .43% .43% .43%
130% AFR .47% .47% .47% .47%
Mid-term
AFR 1.86% 1.85% 1.85% 1.84%
110% AFR 2.05% 2.04% 2.03% 2.03%
120% AFR 2.23% 2.22% 2.21% 2.21%
130% AFR 2.42% 2.41% 2.40% 2.40%
150% AFR 2.80% 2.78% 2.77% 2.76%
175% AFR 3.27% 3.24% 3.23% 3.22%
Long-term
AFR 2.97% 2.95% 2.94% 2.93%
110% AFR 3.28% 3.25% 3.24% 3.23%
120% AFR 3.57% 3.54% 3.52% 3.51%
130% AFR 3.88% 3.84% 3.82% 3.81%
REV. RUL. 2014–22 TABLE 2
Adjusted AFR for September 2014
Period for Compounding
  Annual Semiannual Quarterly Monthly
Short-term adjusted AFR .36% .36% .36% .36%
Mid-term adjusted AFR 1.35% 1.35% 1.35% 1.35%
Long-term adjusted AFR 2.49% 2.92% 2.91% 2.90%
REV. RUL. 2014–22 TABLE 3
Rates Under Section 382 for September 2014
Adjusted federal long-term rate for the current month 2.94%
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.) 3.06%
REV. RUL. 2014–22 TABLE 4
Appropriate Percentages Under Section 42(b)(1) for September 2014
Note: Under section 42(b)(2), the applicable percentage for non-federally subsidized new buildings placed in service after July 30, 2008, with respect to housing credit dollar amount allocations made before January 1, 2014, shall not be less than 9%.
Appropriate percentage for the 70% present value loW–income housing credit 7.56%
Appropriate percentage for the 30% present value loW–income housing credit 3.24%
REV. RUL. 2014–22 TABLE 5
Rate Under Section 7520 for September 2014
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 2.2%

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