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Article: IRS Raises Mileage Rate to Reflect Gas Prices
- Article from:
- The Washington Post
- Article date:
- June 24, 2008
- Author:
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Copyright informationThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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The Internal Revenue Service, citing the drain that high gas
prices are having on people's finances, said yesterday that it is
raising the automobile mileage rate that businesses and others can
claim.
The agency said the optional standard rate to calculate
deductible operating costs for business vehicles will rise from 50.5
cents to 58.5 cents a mile for the final six months of 2008.
That rate also applies to businesses and others entitled to
depreciation allowances that operate automobiles for charitable,
medical or moving purposes.
"Rising gas prices are having a major impact on individual
Americans," IRS Commissioner Doug Shulman said. "Given the increase
in prices, the IRS is adjusting ...
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...Transit use rose along with gas prices Not all bus, train operators attribute...public transit officials believe high gas prices lured commuters out of their cars, particularly...cleaner-burning fuel, and regular unleaded gas prices shot up to an average of $1.80 a gallon...
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