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The University of Missouri’s 2012 mileage reimbursement rate for business use of a personal vehicle will remain at 52.5 cents per mile. The mileage reimbursement rate for moving purposes will decrease by .5 cents per mile to 20 cents per mile, effective Jan. 1, 2012.
The IRS announced that for 2012 the standard mileage rates for business miles driven will be 55.5 cents per mile. This rate is unchanged from the mid-year adjustment due to rising gasoline prices earlier in 2011. In addition, the IRS announced a new rate for moving expenses of 23 cents per mile, a slight decrease from the 23.5 cent rate in effect for the last six months of 2011. The IRS rate is based on an annual study of the fixed and variable costs of operating an automobile.
The University of Missouri System 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.
Please contact accounting services at 573-341-4189 with any questions.