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Taxes

IRS Drops Mileage Reimbursement Rate

The Internal Revenue Service has lowered the deductible mileage rate to 54 cents per mile for business miles in 2016 down from 57.5 cents in 2015, the agency has announced.

States Considering Highway Funding Options

While Capitol Hill may yet again slap an eleventh-hour cold patch on the highway-funding gap, state governments are moving ever more quickly and innovatively to put their infrastructure spending in order.

Fuel Tax Hike Unlikely, Says Congressman Shuster

Rep. Bill Shuster, chairman of the House Transportation and Infrastructure Committee, said that one of his 2015 priorities will be a highway bill – but he does not expect it to be funded by a fuel tax increase, the AP reported.

Calif. Changes CNG/LNG Tax Measurement

At the start of 2015, the state will begin taxing compressed natural gas (CNG) and liquified natural gas (LNG) based on a per-pound rather than per-foot rate.

Calif. Considering Taxing Hybrids and EVs

A bill circulating in California's legislature would lead to higher taxes against drivers of battery-electric vehicles and hybrid vehicles because it would replace the state's gas tax with a "road usage charge" that levies taxes by miles driven.

CNG, LNG Sales Surge in Texas

Sales of compressed natural gas (CNG) and liquified natural gas (LNG) are surging in Texas, as measured by sharp increases in tax revenue from the alternative fuels, according to the state Comptroller's office.

Tax Consequences Under Different Reimbursement Methods

As a general rule when considering total cost of ownership (TCO), employees with high-mileage needs should be provided with a company vehicle; those with low-mileage needs should have their job function reviewed to determine if personally owned vehicles (POVs) would produce the lowest TCO through a business reimbursement program.

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