006.05.16 Ark. Code R. § 001 - Standard Mileage Rates for Income Tax Purposes

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

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-four cents (540) per mile for expenses paid or incurred during the 2016 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 2016 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 nineteen (190) per mile for expenses paid or incurred during the 2016 calendar year.

The mileage rates stated above shall be in effect for tax years beginning on and after January 1, 2016 but not later than December 31, 2016.

Notes

006.05.16 Ark. Code R. § 001
7/21/2016

State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.


No prior version found.