The U.S. Department of Transportation, as reported by the National Business Aviation Association, has recently issued the SIFL rates in August, 2012 for the six-month period from July 1, 2012 to Dec. 31, 2012.

This information is necessary when applying the IRS’ aircraft valuation formula to compute the value of non-business transportation aboard employer-provided aircraft. This is required under IRS Section 1.61-21(g). For additional information, see the National Business Aviation Association website at www.nbaa.org. The corrected rates are:

Mileage Range        Amount Per Mile
0-500 miles:              $ 0.2569

501-1,500 miles:        $ 0.1959

over 1,500 miles:       $ 0.1884

Terminal Charge:       $ 46.97