The IRS announced increases in the standard business mileage rates for calendar year 2008.
· Beginning January 1, 2008, the standard business mileage reimbursement rate, for personal vehicle use on approved University business, increases from 48.5 cents to 50.5 cents per mile.
See the Rates section in Appendix P of U of MN policy, Traveling on University Business, at: http://www.fpd.finop.umn.edu/groups/ppd/documents/rates/travel_rates.cfm
· The standard mileage rate for moving expenses decreases, from 20 to 19 cents per mile.
· Business mileage incurred in 2007 but reimbursed in 2008, must be reimbursed using the 2007 mileage rate.
· The Employee Expense Worksheet (UM 1612) accommodates changes to the mileage rates.