IRS Announces Increased Standard Mileage Rates Effective July 1, 2008

In response to increased fuel costs, on June 23, 2008 the IRS announced that it is increasing the optional standard mileage rates used for computing deductible automobile costs for business and other purposes, including moving. Announcement 2008-63.

Beginning July 1, 2008, the new rates will be 58.5 cents per mile for business use, up from 50.5 cents, and 27 cents per mile for moving expenses, up from 19 cents. The IRS ordinarily adjusts the mileage rates once per year, but opted to do so in mid-year because the costs of fuel have escalated dramatically in recent months.

The Worldwide ERC® Coalition – Center for Governmental Issues is the tax and legal initiative through which Worldwide ERC® addresses all public policy issues. The Coalition researches, reports on, and provides guidance, advocacy, strategy and action regarding tax and legal issues that impact on the workforce mobility industry.

The Coalition also provides continual tax and legal communications and alerts; easily accessible, relevant, and focused education for workforce mobility practitioners; and effective continuing education courses for real estate licensees and other professionals.

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