Applicable Federal Rates
This AFR material has been established and is being
maintained as part of the
Shaw Pittman LLP Tax
Page, a demonstration World Wide Web project.
are welcome on the design or content of this material.
For further information, please contact
a tax partner in our Palo Alto office.
Actual AFR Revenue Rulings Available
We now have available the actual IRS Revenue Ruling with the AFRs (and all of
the rates derived from those AFRs) for January 1996 through the most recently
available month ([an error occurred while processing this directive]). Those Revenue Rulings are in pdf format from the
Internal Revenue Bulletin, so you'll need the
to view or print them.
Last updated July 17, 2018
Available Current AFRs
If your browser supports forms, you can use the
AFR Search Page to find any of
our available AFRs.
April 2016 Update: Adjusted AFRs
In the April 26, 2016 Federal Register the IRs and Treasury published
final regulations adopting the March 2015 proposed regulations without
substantive change. See
Change to the Adjusted Applicable Federal Rates.
March 2015 Update: Adjusted AFRs
In the March 2, 2015 Federal Register the IRS and Treasury published
proposed regulations making good on their intention announced in
Notice 2013-4, discussed below, to change the way in which
they calculate the adjusted applicable federal rates. See
Proposed Change to the
Adjusted Applicable Federal Rates for more informantion.
Special Note: March 2013 Adjusted AFRs
In Notice 2013-4, the IRS announced
that it was considering changes in the way it determines the adjusted AFRs and
adjusted federal long-term rate published in Tables 2 and 3, respectively, of
its monthly AFR revenue ruling. The IRS also announced interim guidance
(essentially constraining the adjusted AFR so that it would never be higher
than the comparable AFR) that
it said would be reflected in its March 2013 AFR ruling. However, the version
of that March 2013 AFR ruling originally released by the IRS did not reflect
the changes of the interim guidance. The IRS has corrected the March 2013 AFR
ruling and it and the corrected rates are available at this site.
Each month, the U.S. Internal Revenue Service publishes base interest
rates known as the applicable federal rates ("AFRs"). These interest rates
are used for various purposes under the Internal Revenue Code,
particularly the imputed interest and original issue discount rules. The
AFRs for a particular month are generally made available during the third
or fourth week of the preceeding month; the current rate
information presented will ordinarily contain the four (4) most recent
available months since, in certain circumstances, the AFR to be utilized is
determined as the lowest relevant AFR for the month of the transaction
and the two preceding months.
In addition, the highest of the adjusted federal long-term rates for the
month of a "change in ownership" under Internal Revenue Code section 382
and the prior two months becomes the federal long-term tax-exempt
rate for that month, which in turn determines the annual limitation on
the use of corporate net operating loss carryovers following such a change
The current IRS Revenue Ruling has all the AFRs (and rates derived from the
AFRs) but only for the most recently available month
([an error occurred while processing this directive]).