Mileage Reimbursement Rate

In compliance with the Stevens Institute of Technology Business and Travel Expense Policy, there are maximum reimbursement rates that will be paid by the University for the business use of a personal vehicle.  Mileage reimbursement rates are dependent on the date and purpose for the business travel, as well as the source of the funding.  The rates set by the IRS (Internal Revenue Service) and those approved by the GSA (U.S. General Services Administration) are not always the same rates.

Institutional Funds – IRS Standard Mileage Rates 

 

Travel Prior to 1/1/2023

Travel on or after 1/1/2023

Business Purpose

Rate Per Mile Driven

Rate Per Mile Driven

 Moving/Relocation Purposes

 22.0 cents

 22.0 cents

 Business Miles Driven (car, van, pickup, panel truck, motorcycle)

 62.5 cents

 65.5 cents


Federal Funds – GSA Privately Owned Vehicle (POV) Mileage Reimbursement Rates
:

 

Travel prior to 1/1/2023

Travel on or after 1/1/2023

Business Purpose

Rate Per Mile Driven

Rate Per Mile Driven

Moving/Relocation Purposes

22.0 cents

22.0 cents

Business Miles Driven (car, van, pickup, panel truck)

62.5 cents

65.5 cents

Business Miles Driven (motorcycle)

56.5 cents

63.5 cents

For additional information please contact Accounts Payable at [email protected] or call 201-216-5192.