On June 9, 2022, the Internal Revenue Service issued an announcement, increasing the optional standard mileage rate – used to deduct eligible business trips in a vehicle on tax returns – for the final six months of 2022 from 58.5 cents per mile to 62.5 cents per mile. The new rate will be effective beginning July 1, 2022 through December 31, 2022.  The old rate of 58.5 cents per mile will remain in effective through June 30, 2022.

The midyear change is unusual, prompted by record high gas prices at the pump.