006.05.93 Ark. Code R. § 001 - Regulation 1992-3 Income Tax Standard Mileage Rate for Income Tax Purposes

Pursuant to his authority under Ark. Code Ann §§ 26-18-301 and 26-51-423(a)(3) (1989), the Director of the Department of Finance and Administration of the State of Arkansas does hereby promulgate the following regulation. This regulation supersedes Regulation 1991-5.

SECTION 1. Purpose.

The purpose of this regulation is to bring Arkansas standard mileage rates into conformity with the federal standard mileage rates.

SECTION 2. Standard Mileage Rates.

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 twenty-eight cents (280) per mile. The special mileage rate for business use of a vehicle by rural mail carriers is forty-two cents (42C) per mile.

SECTION 3. Effective Date.

The mileage rates stated above shall be in effect beginning on and after January 1, 1992.

IN WITNESS WHEREOF, we have hereunto set our hands this 28th day of October, 19 92.


006.05.93 Ark. Code R. § 001

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