The IRS has announced the updated applicable federal interest rates and the adjusted applicable federal interest rates for the month of May. Revenue Ruling 2014-13 updates the April rates set in Rev. Rul. 2014-12.  Revenue Ruling 2014-13 includes the appropriate percentages for the 70 percent and the 30 percent present value low-income housing tax credit under Code Section 42(b)(1), as well as setting the short-term annual applicable federal rate (0.33%), the midterm annual applicable federal rate (1.93%), and the long-term rate (3.27%).  Revenue Ruling 2014-13 is scheduled to appear in the May 5, 2014, Internal Revenue Bulletin 2014-19