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IRS Lowers 2016 Mileage Rate

Date Released: 7 January 2016

The U.S. Internal Revenue Service has issued its 2016 standard mileage rates for personal vehicle users on approved, policy-supported CWRU business. The rate for trips beginning January 1, 2016 will be 54 cents per mile. This amount covers the costs of gasoline, vehicle maintenance, depreciation, and insurance. The rate of 57.5 cents per mile will remain for all approved, policy-supported expenses in 2015.