Employee Mileage Reimbursement Rate Change Effective January 1, 2017

Office of Business Services MEMORANDUM Date: January 6, 2017 To: Montgomery College Community From: Ruby Sherman, VP of Finance/CFO Subject: Employee Mileage Reimbursement Rate Effective January 1, 2017 In accordance with Montgomery College Travel Policy (65001CP), the Montgomery College standard business mileage reimbursement rate for transportation use of an employee's personal vehicle is being revised to $0.535 per mile from $0.54 per mile. This new reimbursement rate is effective for travel on and after January 1, 2017. The decision to change our reimbursement rate was influenced by the recent Internal Revenue Service (IRS) announcement which decreased the standard business mileage reimbursement rate. https://www.irs.gov/uac/2017-standard-mileage-rates-for-business-and-medical-and-moving-announced. The mileage rate was reduced by the IRS based on an annual study of the fixed and variable costs of operating a vehicle. The updated Local Travel Reimbursement Form for 2017 can be found on the Accounts Payable website at: http://cms.montgomerycollege.edu/AccountsPayable/ If you have any additional questions in regards to employee reimbursements, please forward your concerns to e-mail address: AccountsPayable@montgomerycollege.edu.