Temple University has been informed by the Internal Revenue Service that the mileage rate for business use of personal vehicles will increase to 58.5 cents a mile for all business miles driven from July 1 through Dec. 31, 2008. This is an increase of 8 cents from the 50.5-cent rate in effect for the first six months of 2008, as set forth in Rev. Proc. 2007-70.
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2008. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.
The new six-month rate for computing deductible medical or moving expenses will also increase by 8 cents to 27 cents a mile, up from 19 cents for the first six months of 2008. The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.
Mileage Rate Changes
Purpose |
Jan. 1–June 30, 2008 |
July 1–Dec. 31, 2008 |
Business |
50.5 |
58.5 |
| Medical/Moving |
19 |
27 |
| Charitable |
14 |
14 |
All of the university’s travel policies, procedures and per-diem rates are available online at www.temple.edu/controller.
If you have any further questions, call Lydia Vasquez in Accounts Payable at 215-204-1263 or 215-204-5279.
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