The US Treasury (Internal Revenue Service) issues a revenue ruling each month with interest rates. The current revenue ruling is Revenue Ruling 2007-29. Highlighted below are the various applicable federal rates and housing tax credit applicable percentages for May 2007 for your reference and use, as listed in this ruling. We hope you will find this a useful reference.
This revenue ruling provides various prescribed rates for federal income tax purposes for May 2007 (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, midterm, 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 longterm 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)(2) for buildings placed in service during the current month. 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. 2007-29 TABLE 1 Applicable Federal Rates (AFR) for May 2007
Rev. Rul. 2007-29 TABLE 2 Adjusted AFR for May 2007
Rev. Rul. 2007-29 TABLE 3 Rates Under Section 382 for May 2007
Rev. Rul. 2007-29 TABLE 4 Appropriate Percentages Under Section 42(b)(2) for May 2007
Rev. Rul. 2007-29 TABLE 5 Rate Under Section 7520 for May 2007