“IRS Increases Vehicle Reimbursement Rate”

The IRS has increased the vehicle reimbursement rate.

The Internal Revenue Service today issued a 2007 allowable vehicle reimbursement rate of 48.5 cents per mile, despite a moderation in gas prices compared with the volatile post-Hurricane Katrina prices of a year ago.

The 2007 rate is an increase from the 2006 rate of 44.5 cents per mile.

Many businesses use this rate as a guideline for their compensation of business travelers who use private vehicles to do company business.

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