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June 2006
Applicable Federal Rates

Rev. Rul. 2006-29

Applicable Federal Rates for June

This revenue ruling provides various prescribed rates for federal income tax purposes for June 2006 (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.


Table I
June 2006
 

Period for Compounding

Applicable Federal Rate (AFR)

Annual

Semi-annual

Quarterly

Monthly

Short-Term

        

AFR

4.99%

4.93%

4.90%

4.88%

110% AFR

5.49%

5.42%

5.38%

5.36%

120% AFR

6.01%

5.92%

5.88%

5.85%

130% AFR

6.51%

6.41%

6.36%

6.33%
Mid-Term
        

AFR

5.06%

5.00%

4.97%

4.95%

110% AFR

5.58%

5.50%

5.46%

5.44%

120% AFR

6.09%

6.00%

5.96%

5.93%

130% AFR

6.61%

6.50%

6.45%

6.41%

150% AFR

7.64%

7.50%

7.43%

7.39%

175% AFR

8.94%

8.75%

8.66%

8.59%
Long-Term
        

AFR

5.32%

5.25%

5.22%

5.19%

110% AFR

5.86%

5.78%

5.74%

5.71%

120% AFR

6.40%

6.30%

6.25%

6.22%

130% AFR

6.95%

6.83%

6.77%

6.73%
 
Table II
Adjusted AFR for June 2006
 

Period for Compounding
 

Annual

Semi-annual

Quarterly

Monthly

Short-term adjusted AFR

3.61%

3.58%

3.56%

3.55%

Mid-term adjusted AFR

3.82%

3.78%

3.76%

3.75%

Long-term adjusted AFR

4.45%

4.40%

4.38%

4.36%
 
Table III
Rates Under Section 382 for June 2006

Adjusted federal long-term rate for the current month

4.45%

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.)

4.45%
 
Table IV
Appropriate Percentages Under Section 42(b)(2) for June 2006

Appropriate Percentage for the 70% present value low-income housing credit

8.21%

Appropriate Percentage for the 30% present value low-income housing credit
3.52%
 
Table V
Rate Under Section 7520 for June 2006

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

6.0%

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