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The university’s mileage reimbursement rate for business use of a personal vehicle increased by 4.5 cents per mile as of July 1. The new rates are as follows:
Business rate – personal vehicle used for business travel: 52.5 cents per mile
Moving rate – personal vehicle used to move: 20.5 cents per mile
On June 23, the IRS, in recognition of recent gasoline price increases, announced an increase of 4.5 cents per mile in their standard mileage rates for business miles driven from July 1, 2011 through December 31, 2011. The University of Missouri follows the state of Missouri’s practice of reimbursement for business transportation expenses at a mileage rate that is three cents less than the IRS standard mileage rate.
Contact accounting at 341-4189 with any questions.