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 6/30/2022

Travel on or after 7/1/2022

Business Purpose

Rate Per Mile Driven

Rate Per Mile Driven

 Moving/Relocation Purposes

 18.0 cents

 22.0 cents

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

 58.5 cents

 62.5 cents


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

 

Travel prior to 6/30/2022

Travel on or after 7/1/2022

Business Purpose

Rate Per Mile Driven

Rate Per Mile Driven

Moving/Relocation Purposes

18.0 cents

22.0 cents

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

58.5 cents

62.5 cents

Business Miles Driven (motorcycle)

56.5 cents

56.5 cents

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