2005 Mileage Reimbursement Rate for Travel
Michael V. McKee, University Controller
The Internal Revenue Service has released the standard mileage rates to use for 2005 in computing the reimbursement for operating an automobile for business purposes.
Beginning January 1, 2005, the standard mileage rates to reimburse for the use of an automobile for business purposes will be 40.5 cents per mile for all business miles driven. This is up from 37.5 cents a mile in 2004.
The 37.5 cents a mile reimbursement rate should be used for all travel occurring on or before December 31, 2004 when reimbursing in January 2005.
If you have any questions, you may contact Randy Staples or Brett Wallen at 392-1245.