Monday, December 29, 2008

New 2009 IRS Mileage Reimbursement Rates

The IRS announced that the optional standard mileage rates for 2009 will decrease from 58.5 cents per mile (applicable to the last six months of 2008) to 55 cents per mile, effective January 1, 2009.

The reduction is in recognition of decreases in the price of gas over the last number of months. In the middle of 2008, the IRS took the unusual step of increasing the mileage reimbursement rate from 50.5 cents per mile to 58.5 cents per mile in recognition of spiking gas prices. The 2009 rate announced reflects the declining price of gas.

The IRS announcement on the new mileage reimbursement rate may be found on the IRS website.

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