Notice 2024-61 TABLE 1

GNP IMPLICIT PRICE DEFLATORS Calendar Year GNP Implicit Price Deflator 1990 112.9 (used for 1991) 1991 117.0 (used for 1992) 1992 120.9 (used for 1993) 1993 124.1 (used for 1994) 1994 126.0 (used for 1995)* 1995 107.5 (used for 1996) 1996 109.7 (used for 1997)** 1997 112.35 (used for 1998) 1998 112.64 (used for 1999)*** 1999 104.59 (used for 2000) 2000 106.89 (used for 2001) 2001 109.31 (used for 2002) 2002 110.63 (used for 2003) 2003 105.67 (used for 2004)**** 2004 108.23 (used for 2005) 2005 112.129 (used for 2006) 2006 116.036 (used for 2007) 2007 119.656 (used for 2008) 2008 122.407 (used for 2009) 2009 109.764 (used for 2010)***** 2010 110.654 (used for 2011) 2011 113.347 (used for 2012)****** 2012 115.387 (used for 2013) 2013 106.710 (used for 2014)******* 2014 108.407 (used for 2015)******** 2015 109.868 (used for 2016) 2016 111.528 (used for 2017) 2017 113.500 (used for 2018) 2018 110.308 (used for 2019)********* 2019 112.257 (used for 2020) 2020 113.586 (used for 2021) 2021 118.586 (used for 2022)********** 2022 127.194 (used for 2023) 2023 122.179 (used for 2024)***********

• Beginning in 1995, the GNP implicit price deflator was rebased relative to 1992. The 1990 GNP implicit price deflator used to compute the 1996 § 43 inflation adjustment factor is 93.6. ** Beginning in 1997, two digits follow the decimal point in the GNP implicit price deflator. The 1990 GNP price deflator used to compute the 1998 § 43 inflation adjustment factor is 93.63. *** Beginning in 1999, the GNP implicit price deflator was rebased relative to 1996. The 1990 GNP implicit price deflator used to compute the 2000 § 43 inflation adjustment factor is 86.53. **** Beginning in 2003, the GNP implicit price deflator was rebased, and the 1990 GNP implicit price deflator used to compute the 2004 § 43 inflation adjustment factor is 81.589. ***** Beginning in 2009, the GNP implicit price deflator was rebased, and the 1990 GNP implicit price deflator used to compute the 2010 § 43 inflation adjustment factor is 72.199. ****** Beginning in 2011, the 1990 GNP implicit price deflator used to compute the 2012 § 43 inflation adjustment factor is 72.260. ******* Beginning in 2013, the GNP implicit price deflator was rebased, and the 1990 GNP implicit price deflator used to compute the 2014 § 43 inflation adjustment factor is 66.803. ******** Beginning in 2014, the 1990 GNP implicit price deflator used to compute the 2015 § 43 inflation adjustment factor is 66.732. ********* Beginning in 2018, the 1990 GNP implicit price deflator used to compute the 2019 § 43 inflation adjustment factor is 63.637. ********** Beginning in 2021, the 1990 GNP implicit price deflator used to compute the 2022 § 43 inflation adjustment factor is 63.604. *********** Beginning in 2023, the 1990 GNP implicit price deflator used to compute the 2024 § 43 inflation adjustment factor is 59.266.

Bulletin No. 2024–34 521 August 19, 2024

Table 2 contains the inflation adjustment factor and the phase-out amount for taxable years beginning in the 2024 calendar year as well as the previously published inflation adjustment factors and phase-out amounts for taxable years beginning in the 1991 through 2023 calendar years.