Market data · IRS monthly
LIHTC applicable percentages by month, 2024 to 2026
For November 2026 the IRS set the 70% present value ("9%") rate at 8.24% and the 30% present value ("4%") rate at 3.53%, in Rev. Rul. 2026-21. Most deals do not use those floating rates: new buildings without federal subsidy get a fixed 9%, and since 2021 bond-financed and acquisition credits get at least 4%.
How the floors work
| Building | Rate used | Rule |
|---|---|---|
| New construction or rehab, not federally subsidized, placed in service after July 30, 2008 | 9% (or the 70% rate if higher) | 26 U.S.C. 42(b)(2) |
| Bond-financed building or acquisition, allocation (or bond issue) after December 31, 2020 | 4% (or the 30% rate if higher) | 26 U.S.C. 42(b)(3) |
| Anything the floors do not reach (older allocations) | The monthly rate for the lock month | 26 U.S.C. 42(b)(1) |
The floating rates still matter in three places: older buildings that predate the floors, checking how far the floors sit above the market rate (in November 2026 the 9% floor gave 0.76 percentage points more credit a year on qualified basis than the 70% rate would), and underwriting history. For a rate lookup by month and building type, use the applicable percentage tool.
70% present value rate ("9%")
30% present value rate ("4%")
Source: IRS revenue rulings, Table 4, linked per month below. The 30% rate peaked at 3.53% in November 2026.
Every month, January 2024 to November 2026
| Month | Revenue ruling | 70% PV | 30% PV | 9% floor minus 70% rate |
|---|---|---|---|---|
| November 2026 | Rev. Rul. 2026-21 | 8.24% | 3.53% | 0.76 pts |
| October 2026 | Rev. Rul. 2026-19 | 8.15% | 3.49% | 0.85 pts |
| September 2026 | Rev. Rul. 2026-17 | 8.12% | 3.48% | 0.88 pts |
| August 2026 | Rev. Rul. 2026-13 | 8.08% | 3.46% | 0.92 pts |
| July 2026 | Rev. Rul. 2026-12 | 8.09% | 3.47% | 0.91 pts |
| June 2026 | Rev. Rul. 2026-11 | 8.05% | 3.45% | 0.95 pts |
| May 2026 | Rev. Rul. 2026-9 | 8.04% | 3.44% | 0.96 pts |
| April 2026 | Rev. Rul. 2026-7 | 7.98% | 3.42% | 1.02 pts |
| March 2026 | Rev. Rul. 2026-6 | 8.00% | 3.43% | 1.00 pts |
| February 2026 | Rev. Rul. 2026-3 | 7.99% | 3.43% | 1.01 pts |
| January 2026 | Rev. Rul. 2026-2 | 7.98% | 3.42% | 1.02 pts |
| December 2025 | Rev. Rul. 2025-24 | 7.97% | 3.41% | 1.03 pts |
| November 2025 | Rev. Rul. 2025-21 | 7.98% | 3.42% | 1.02 pts |
| October 2025 | Rev. Rul. 2025-19 | 8.00% | 3.43% | 1.00 pts |
| September 2025 | Rev. Rul. 2025-17 | 8.03% | 3.44% | 0.97 pts |
| August 2025 | Rev. Rul. 2025-14 | 8.03% | 3.44% | 0.97 pts |
| July 2025 | Rev. Rul. 2025-13 | 8.06% | 3.45% | 0.94 pts |
| June 2025 | Rev. Rul. 2025-12 | 8.03% | 3.44% | 0.97 pts |
| May 2025 | Rev. Rul. 2025-10 | 8.01% | 3.43% | 0.99 pts |
| April 2025 | Rev. Rul. 2025-8 | 8.02% | 3.44% | 0.98 pts |
| March 2025 | Rev. Rul. 2025-6 | 8.08% | 3.46% | 0.92 pts |
| February 2025 | Rev. Rul. 2025-5 | 8.09% | 3.47% | 0.91 pts |
| January 2025 | Rev. Rul. 2025-1 | 8.02% | 3.44% | 0.98 pts |
| December 2024 | Rev. Rul. 2024-26 | 8.01% | 3.43% | 0.99 pts |
| November 2024 | Rev. Rul. 2024-24 | 7.91% | 3.39% | 1.09 pts |
| October 2024 | Rev. Rul. 2024-21 | 7.90% | 3.39% | 1.10 pts |
| September 2024 | Rev. Rul. 2024-17 | 7.97% | 3.42% | 1.03 pts |
| August 2024 | Rev. Rul. 2024-15 | 8.03% | 3.44% | 0.97 pts |
| July 2024 | Rev. Rul. 2024-13 | 8.06% | 3.45% | 0.94 pts |
| June 2024 | Rev. Rul. 2024-12 | 8.10% | 3.47% | 0.90 pts |
| May 2024 | Rev. Rul. 2024-9 | 8.04% | 3.45% | 0.96 pts |
| April 2024 | Rev. Rul. 2024-7 | 8.02% | 3.44% | 0.98 pts |
| March 2024 | Rev. Rul. 2024-4 | 7.99% | 3.42% | 1.01 pts |
| February 2024 | Rev. Rul. 2024-3 | 7.95% | 3.41% | 1.05 pts |
| January 2024 | Rev. Rul. 2024-2 | 8.04% | 3.44% | 0.96 pts |
Each rate was read from Table 4, "Appropriate Percentages Under Section 42(b)(1)," of the linked IRS ruling and checked 2026-10-30. The IRS publishes the next month's ruling around mid-month; December 2026 was not out on 2026-10-30. Data as JSON: applicable-percentages.json.
Questions people ask
What is the LIHTC applicable percentage for November 2026?
The IRS set the 70% present value rate at 8.24% and the 30% present value rate at 3.53% for November 2026 in Rev. Rul. 2026-21. Most new allocations use the fixed 9% rate or the 4% floor instead.
Is the 9% LIHTC rate fixed?
Yes, for new buildings that are not federally subsidized and were placed in service after July 30, 2008: section 42(b)(2) sets their applicable percentage at no less than 9%. The PATH Act of 2015 made that floor permanent.
Is the 4% LIHTC rate fixed?
Section 42(b)(3) sets a 4% minimum for buildings the 9% floor does not cover, such as acquisitions and buildings financed with tax-exempt bonds, when the allocation was made, or the bonds were issued, after December 31, 2020. Since the floating 30% rate has stayed below 4% every month since 2024, these deals use 4%.
Which month's rate applies to my building?
The month the building is placed in service, unless the owner elects to lock the rate in the month of the binding agreement with the agency or, for a bond-financed building, the month the bonds are issued. The election is made by the fifth day after the end of that month (section 42(b)(1)(A)).
Financing a tax credit deal?
Send it to the Janover Capital desk for construction, bond, bridge and permanent debt.