IRS Increases Standard Mileage Rates for Remainder of 2022

IRS building

In recognition of recent gasoline price increases, the Internal Revenue Service (IRS) has announced an increase in its standard mileage rates for the final six months of 2022. 

For the final six months of 2022, the standard mileage rates for business use of a car (including vans, pickups, or panel trucks) will be 62.5 cents per-mile, which is up 4 cents from the rate effective at the start of the year.

This new rate becomes effective July 1, 2022.

For travel from Jan. 1 through June 30, 2022, credit unions should use the rates set forth in Notice 2022-03.

The IRS provided legal guidance on the new rates in Announcement 2022-13.

Pin It