The U.S. Department of Transportation has released the Standard Industry Fare Level (SIFL) rates for the second half of 2011. SIFL rates and terminal charges are used for income tax purposes in a special formula for valuing imputed income from employer-provided noncommercial flights. These rates are calculated by the Department of Transportation and revised semi-annually. The most recent amounts are as follows:
0 – 500 Miles: $0.2272 per Mile
501 – 1500 Miles: $0.1732 per Mile
Over 1500 Miles: $0.1665 per Mile
Terminal Charge: $41.53
Please ask your JMF professional for assistance with calculating imputed income from non-business use of company aircraft.