IRS Raises the Mileage Rate In Response to Rising Gas Prices
July 6, 2008
In recognition of recent gasoline price increases, the IRS has raised the standard mileage rate for the final six months of 2008.
The rate will increase to 58.5 cents a mile for all business miles driven from July 1, 2008, through December 31, 2008. The rate for the first half of 2008 is 50.5 cents.
The IRS normally updates the mileage rates once a year, but given the significant increases in gas prices this year, the IRS has made a special rate increase in the middle of the year.
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