The IRS announced changes in the standard business mileage rates for calendar year 2010. Beginning January 1, 2010, the standard business mileage reimbursement rate for personal vehicle use on approved University business decreases from 55 cents to 50 cents per mile. See the Rates section of the U of MN policy. Traveling on University Business at http://policy.umn.edu/Policies/Finance/Travel/TRAVEL_RATES.html.
The standard mileage rate for moving expenses also decreases from 24 to 16.5 cents per mile.
Business Mileage incurred in 2009 but reimbursed in 2010 should be reimbursed at the 2009 mileage rate. The Employee Expense Worksheet (UM 1612) accommodates changes to the mileage rates.
