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March 2003
Applicable Federal Rates

Rev. Rul. 2003-26

This revenue ruling provides various prescribed rates for federal income tax purposes for March 2003 (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)(2) for buildings placed in service during the current month. Finally, Table 5 contains the federal rate for determining the present value of 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. 2003-26 TABLE 1
Applicable Federal Rates

Period for Compounding
Annual
Semiannual
Quarterly
Monthly
 
Short-Term AFR
1.58%
1.57%
1.57%
1.56%
110% AFR
1.74%
1.73%
1.73%
1.72%
120% AFR
1.89%
1.88%
1.88%
1.87%
130% AFR 
2.05%
2.04%
2.03%
2.03%
 
Mid-Term AFR
3.24%
3.21%
3.20%
3.19%
110% AFR
3.56%
3.53%
3.51%
3.50%
120% AFR 
3.89%
3.85%
3.83%
3.82%
130% AFR 
4.21%
4.17%
4.15%
4.13%
150% AFR 
4.88%
4.82%
4.79%
4.77%
175% AFR 
5.70%
5.62%
5.58%
5.56%
 
Long-Term AFR
4.80%
4.74%
4.71%
4.69%
110% AFR
5.28%
5.21%
5.18%
5.15%
120% AFR 
5.77%
5.69%
5.65%
5.62%
130% AFR 
6.25%
6.16%
6.11%
6.08%


REV. RUL. 2003-26 TABLE 2
Adjusted AFR

Period for Compounding
Annual
Semiannual
Quarterly
Monthly
 
Short-Term adjusted AFR
1.34%
1.34%
1.34%
1.34%
Mid-Term adjusted AFR
2.76%
2.74%
2.73%
2.72%
Long-Term adjusted AFR
4.58%
4.53%
4.50%
4.49%


REV. RUL. 2003-26 TABLE 3
Rates Under Section 382

Adjusted federal long-term rate for the current month
4.58%
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.)
4.61%


REV. RUL. 2003-26 TABLE 4
Appropriate Percentages Under Section 42(b)(2)

Appropriate percentage for the 70% present value low-income housing credit 
7.93%
Appropriate percentage for the 30% present value low-income housing credit
3.40%


REV. RUL. 2003-26 TABLE 5
Rate Under Section 7520

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.
3.8%


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