IRS Sets Mileage Rate for 2008 at 50.5 Cents Per Mile

Posted on November 28, 2007 by Daniel Schwartz
With gas prices rising, it's no surprise that the IRS issued a statement yesterday declaring that the standard business mileage rate for 2008 is 50.5 cents per mile. The new rate for business miles is 2 cents higher than it was in 2007. The IRS posted the following on its website yesterday:
The Internal Revenue Service today issued the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:
* 50.5 cents per mile for business miles driven;
* 19 cents per mile driven for medical or moving purposes; and
* 14 cents per mile driven in service of charitable organizations.
Companies with personnel policies about their mileage reimbursement should consider updating their policies by year-end to reflect this change.  In the future, employers can draft a policy that states that their standard mileage rate will be consistent with the IRS's rate without reference to a particular number. 

(H/T - California Labor & Employment Defense Blog)
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Connecticut Employment Law Blog - June 24, 2008 4:06 PM
With gas prices rising, it's no surprise that the IRS issued a statement yesterday adjusting the standard business mileage rate for 2008 is 58.5 cents per mile. The new rate for business miles is 8 cents higher than it was...
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