006.05.97 Ark. Code R. § 014 - Regulation 1997-3 - Standard Mileage Rate For Income Tax purposes

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 regutation .This regutation supersedes Revenue Division Regulation 1997-1.

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 thirty one and one-half cents (31.50) 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 seven and one-quarter cents (47.25¢) 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, 1997.

Notes

006.05.97 Ark. Code R. § 014
12/12/1997

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.