Effective July 1, 2022, the business standard mileage rate for use of an automobile (including vans, pickup trucks, and panel trucks) will increase from $0.585 to $0.625, and the rate for medical and relocation mileage will increase from $0.180 to $0.220. Mileage related to charity is set by law and remains at $0.14 per mile. (Notice 2022-03; Announcement 2022-13)
It is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses. Taxpayers also cannot claim a deduction for moving expenses incurred after December 31, 2017, except members of the Armed Forces on active duty moving under orders to a permanent change of station.
The luxury vehicle limit announced for 2022 in Notice 2022-03 remains unchanged. Pursuant to the vehicle valuation limit that applies to use of the optional fleet-average and vehicle cents-per-mile valuation methods, the maximum fair market value of the vehicle (including trucks and vans) first made available to employees in calendar year 2022 increased from $51,100 to $56,100.
Federal mileage rates January 1, 2022 and July 1, 2022:
Type of Mileage: Effective July 1, 2022: Effective January 1, 2022:
Business Standard $0.625 $0.585
Charity $0.140 $0.140
Relocation and medical $0.220 $0.180
If you have invoice inquiries, please email ACCOUNTSPAYABLE@COOPERHEALTH.EDU.