The Internal Revenue Service has announced the optional standard mileage rate for 2024. University employees may use this rate to calculate the deductible costs of operating an automobile for business purposes.
Effective Jan. 1, 2024, the standard mileage rate is set at 67 cents per mile for business miles driven (up 1.5 cents from the 2023 rate of .655 cents per mile).
The rates apply to electric and hybrid-electric vehicles, as well as gasoline and diesel-powered vehicles.
Employees with questions can reach out to the Comptroller’s Office at 315.443.3765.