As of July 1, 2008 IRS announced that it will increase the mileage reimbursement rates thus the College will also adopt those rates as of July 1. The rates are as follows:
The mileage rate will increase by eight cents from 50.5 cents to 58.5 cents a mile for all business miles driven from July 1 through Dec. 31, 2008.
The new rate for computing deductible medical or moving expenses will also increase by eight cents to 27 cents a mile.
The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.
For further information you may visit the following IRS websites:
News release IR-2008-82 [http://www.irs.gov/newsroom/article/0,,id=184163,00.html] and Announcement 2008-63 [http://www.irs.gov/pub/irs-drop/a-08-63.pdf ]. "
