IRS Increases Mileage Rate Midyear in 2026 Amid Rising Gas Prices
The Internal Revenue Service increased its standard mileage rate effective July 1, 2026, raising it by 3.5 cents per mile to 76 cents for business use of vehicles due to rising gas prices and inflation following the Iran war in late February. The change affects tax deductions and reimbursement practices but is unlikely to have a broad market impact.
Topics: fuel prices IRS mileage rate tax deduction