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By Keith Hill
The terminal charge portion of the Standard Industry Fare Level formula increased to $41.71 for the first half of 2018, compared with $40.63 for the second half of 2017, the Transportation Department said Feb. 20.
The rate for the first 500 miles of travel increased to 22.82 cents a mile from 22.22 cents a mile. The rate for miles 501 to 1,500 rose to 17.40 cents a mile from 16.94 cents a mile. The rate for distances of more than 1,500 miles increased to 16.73 cents a mile from 16.29 cents a mile.
SIFL rates are used to calculate the amount of taxable income incurred by an employee who uses an employer’s aircraft for a personal or personal-business trip.
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