(KNSI) — In the face of record gas prices, the Internal Revenue Service is increasing the optional standard gas mileage reimbursement rate.
For the final six months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up four cents from the rate effective at the start of the year. The new rate for deductible medical or moving expenses (available for active-duty military members) will be 22 cents, up four cents from the rate effective at the start of 2022.
The 14 cents per mile rate for charitable organizations remains unchanged as it is set by statute.
These new rates become effective July 1st, 2022.
Midyear increases in the optional mileage rates are rare. The last time the IRS made such an increase was in 2011.
According to AAA, the price for a gallon of regular unleaded around the St. Cloud area as of Friday morning was $4.75. Diesel hit a record overnight at $5.41 a gallon.
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