IRS Releases New Mileage Rates for 2001

The IRS has raised the standard mileage rates, effective January 1, 2001.

The new rates are 34.5 cents per mile (increased from 32.5 cents per mile) for business mileage, and 12 cents per mile (increased from 10 cents per mile) for medical and moving mileage.

The rate for mileage driven for charitable purposes will remain at 14 cents per mile.

The reason for the large increase is due to the rise in gasoline prices. The information was published in IRS Revenue Procedure 2000-48.

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