006.05.91 Ark. Code R. 011
Current through Register Vol. 49, No. 9, September, 2024
Rule 006.05.91-011 - Standard Millage Rate for Income Tax Purposes 1991-5Pursuant 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 supercedes Revenue Policy Statement 1989-5.
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 27.5 cents per mile. The special mileage rate for business use of a vehicle by rural mail carriers is 41.25 cents per mile.SECTION 3. Effective Date. The mileage rates stated above shall be in effect beginning on and after January 1, 1991.006.05.91 Ark. Code R. 011