The IRS standard mileage rate will be 67 cents per mile driven for business purposes (up from 65.5 cents in 2023). This rate also applies to electric and hybrid vehicles.
Use of this rate is optional, though it’s widely accepted as an easy and standard reimbursement rate for employees who use their personal vehicle for work. If your organization uses the IRS rate to calculate mileage reimbursement, be sure to update your systems to account for this change.