2024 Mileage Rate Increase. On december 14, 2023, the internal revenue service (irs) announced an increase in the optional standard mileage rate for tax year 2024. Usaa also had the best rates in our study at just $1,293 per year versus the study average of $1,978.

The reimbursement rate for the use of a private automobile for university business travel will increase from 65.5 cents a mile to 67 cents a mile. Irs mileage rate increase effective jan.