Rule 006.05.14-003 - Rule 2015-1: Standard Mileage Rates for Income Tax Purposes

The Commissioner of Revenue, pursuant to his authority underArk. Code Ann. §§26-18-301 and26-51-423(a)(3). does hereby issue the following regulation:

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-seven and a half cents (57.50) per mile for expenses paid or incurred during the 2015 calendar year.

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 (140) per mile for expenses paid or incurred during the 2015 calendar year.

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 twenty-three (230) per mile for expenses paid or incurred during the 2015 calendar year.

The mileage rates stated above shall be in effect for tax years beginning on and after January 1, 2015 but not later than December 31, 2015.