The Internal Revenue Service has announced the optional standard mileage rate for 2023. Syracuse University employees may use this rate to calculate the deductible costs of operating an automobile for business purposes.
Effective Jan. 1, the standard mileage rate is 65.5 cents per mile for business miles driven, up three cents from the 2022 mid-year rate of 62.5 cents per mile. The rates apply to electric and hybrid-electric vehicles, as well as gasoline and diesel-powered vehicles.
Employees who have questions about the mileage rate can contact the Comptroller’s Office at 314.443.3765.