Standard mileage rates for income tax purposes

# (a)

The optional standard mileage rate for use by employees or self-employed individuals in computing the income tax deductible costs of operating passenger automobiles owned by them for business purposes is fifty-four and one-half cents (54.5¢) per mile for expenses paid or incurred during the 2018 calendar year.

# (b)

The optional mileage rate for use by individuals in computing the income tax deductible costs of operating passenger automobiles owned by them for a charitable organization is fourteen cents (14¢) per mile.

# (c)

The optional standard mileage rate allowed in computing the cost of operating a passenger automobile where transportation expenses are deductible as a medical or moving expense is eighteen cents (18¢) per mile for expenses paid or incurred during the 2018 calendar year.

# (d)

The mileage rates stated above shall be in effect for tax years beginning on and after January 1, 2018.

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