Reacting to gas prices, IRS raises mileage payment to 48.5 cents

10th Sep 2005, 07:42 GMT

8-cent increase per mile is largest ever, and likely first one made midyear In response to the sharp jump in gas prices, the Internal Revenue Service said yesterday that it was raising the standard mileage reimbursement rate by 8 cents to 48.5 cents a mile, the single largest increase ever.