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 1/1/2024 | Travel on or after 1/1/2024 |
|---|---|---|
Business Purpose | Rate Per Mile Driven | Rate Per Mile Driven |
Moving/Relocation Purposes | 22.0 cents | 21.0 cents |
Business Miles Driven (car, van, pickup, panel truck, motorcycle) | 65.5 cents | 67.0 cents |
Federal Funds – GSA Privately Owned Vehicle (POV) Mileage Reimbursement Rates:
| Travel prior to 1/1/2024 | Travel on or after 1/1/2024 |
|---|---|---|
Business Purpose | Rate Per Mile Driven | Rate Per Mile Driven |
Moving/Relocation Purposes | 22.0 cents | 21.0 cents |
Business Miles Driven (car, van, pickup, panel truck) | 65.5 cents | 67.0 cents |
Business Miles Driven (motorcycle) | 63.5 cents | 65.0 cents |
For additional information please contact Accounts Payable at ap@stevens.edu or call 201-216-5192.