Mileage Rate Increase
The mileage rate for university business travel is now 48.5 cents per mile. This rate is effective for all travel between Sept. 1 and Dec. 31. In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2005. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.
Also, the mileage rate for moving expenses will be 22 cents per mile for the remainder of 2005, up from the rate of 15 cents per mile.