Rule 006.05.97-002 - Standard Mileage Rates for Income Tax Purposes 1997-1

Ark. Code R. 006.05.97-002
in: Rule 006.05.97-002 - Standard Mileage Rates for Income Tax Purposes 1997-1
Previous Rule 006.05.97-001 - Gross Receipts Regulations (gr-9.2, Gr-12 and Gr-18)Next Rule 006.05.97-003 - Gross Receipts Regulations - Gr-9(c) - Service Contracts, Maintenance Agreements & Extended Warranties; Gr-12(d) - Exemption for Rental Motor Vehicles; and Gr-20(c)(e) and (g) - Long Term Lease of Vehicles.

The Commissioner of Revenue, pursuant to his authority under'Ark Code Ann. §26-18-301 and Ark. Code Ann. §26-51-423(a)(3) (Supp. 1995), does-hereby issue the following regulation. This regulation supersedes Revenue Division Regulation 1995-6.

The optional standard mileage rate, for use by employees or selfemployed individuals in computing the income tax deductible costs of operating passenger automobiles owned by them for business purposes, is thirty one cents (310) per mile.

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 twelve cents (12¢) per mile.

The optional standard mileage rate for business use of a vehicle by a rural mail carrier is forty-six and one-half cent (46.5¢) per mile.

The optional standard mileage rate allowed in computing the cost of operating a car where transportation expenses are deductible as a medical expense is 10 cents (10¢) per mile.

The mileage rate stated above shall be in effect beginning on and after January 1, 1996.

Disclaimer. This may not be the most current version of this information. Users should consult official sources to verify information on this site is recent and current. Marble does not warrant or represent the accuracy, completeness or reliability of the information contained on this site.