In recognition of recent gasoline price increases, the Internal Revenue Service (IRS) has announced an increase in the optional standard mileage rate for the final six months of 2022 —which Syracuse University employees may use to calculate the deductible costs of operating an automobile for business purposes.
Beginning July 1, the standard mileage rates will be 62.5 cents per mile for business miles driven (up from 58.5 cents per mile at the start of the year).
Midyear increases in the optional mileage rates are rare; the last time the IRS made such an increase was in 2011.
Employees with questions can contact the Comptroller’s Office at 314.443.3765.