By Jane Closterman, Controller
The University of Missouri follows the State of Missouri’s practice of reimbursement for business transportation expenses at a mileage rate that is three cents less than the IRS standard mileage rate. The IRS rate is based on an annual study of the fixed and variable costs of operating an automobile.
In accordance with the University’s reimbursement at a mileage rate three cents less than the IRS rate, the University’s mileage reimbursement rate for business miles driven in 2013 will be 53.5 cents per mile, an increase of 1 cent over the University’s 52.5 cents rate in effect during 2012.
In addition, effective January 1, 2013, the University will reimburse a new rate for moving expenses of 21 cents, an increase of 1 cent over the 20 cent rate in effect during 2012.
The IRS announced on November 21, 2012 that the standard mileage rates for business miles driven will be 56.5 cents per mile and for moving expenses will be 24 cents per mile effective January 1, 2013. In accordance with University policy, the University’s 2013 mileage reimbursement rates shown above are three cents less than the 2013 IRS mileage reimbursement rates announced in November.
This entry was posted on Saturday, January 19th, 2013 at 4:51 pm and is filed under 2013 - 1st Quarter.