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IRS raises gas mileage deduction amid price surge

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May 2026 CPI inflation: BLS report shows consumer prices rose last month

The IRS this week announced changes in the amount taxpayers may deduct in gas used per mile while operating a vehicle for business for the remainder of the year amid higher gas prices.

The tax collection agency noted that the change “results from recent increases in the price of fuel” and will allow for larger mileage deductions for business, medical and moving expense purposes.

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Under the revision, the standard mileage deduction rate for business will increase to 76 cents per mile, up from 72.5 cents a mile.

Deductions for medical and moving purposes will also rise to 23.5 cents per mile, rising from the previous rate of 20.5 cents.

WHITE HOUSE, GAS STATIONS POINT FINGERS OVER STUBBORN PRICES WHILE LOCATIONS THAT SLASHED PRICES SEE BOOM

A man getting fuel at a gas station

Gas prices surged this spring and early summer due to the Iran war. (Ariana Drehsler/Bloomberg via Getty Images)

The IRS’ changes to the mileage deduction are effective starting this month, retroactive to July 1, 2026.

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The Journal of Accountancy noted that the IRS’ revision is the first midyear adjustment of the standard mileage rate since 2022.

Gas prices surged following the outbreak of the Iran war, which disrupted the flow of oil from the Middle East through the Strait of Hormuz and has contributed to higher gasoline prices at the pump.

DOJ AND FTC PRESS STATES TO TARGET ANY ILLEGAL ACTIVITY CONTRIBUTING TO HIGH GAS PRICES

IRS headquarters

The IRS increased the mileage deduction rate for businesses, medical transport and moving expenses. (J. David Ake/Getty Images)

Data from AAA shows that the national average cost of a gallon of gasoline was $3.943 as of Thursday. That’s up from $3.16 a gallon a year ago, which represents an increase of 24.7% over the past year.

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There has been some relief for drivers in recent weeks, as the average price of gas is down from $4.044 a gallon a month ago.

Gas prices have been a major factor in inflation rising this year, with the latest consumer price index (CPI) data showing gas prices are up 26.7% compared with a year ago.

BESSENT WARNS GAS STATIONS ‘WE’RE WATCHING’ AS TRUMP DEMANDS IMMEDIATE PRICE CUTS

Customers line up at a Costco gas station in Concord, California, U.S., on Wednesday, June 22, 2022. President Joe Biden called on Congress to suspend the federal gasoline tax, a largely symbolic move by an embattled president running out of options to ease pump prices weighing on his party's political prospects. Photographer: David Paul Morris/Bloomberg via Getty Images

Gas prices are up nearly 25% from a year ago, AAA data shows. (David Paul Morris/Bloomberg)

That rise is despite CPI inflation data showing a 9.7% decline in gas prices in the month of June as energy flows through the Strait of Hormuz picked up, but further declines will be needed to offset the large increases seen in the first few months of the conflict.

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Headline CPI was up 3.5% in June, well above the Federal Reserve’s target rate of 2%, which has cast doubt on the ability of the central bank to cut interest rates this year if inflation remains persistently above target.

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At 42x subscription, SBI Funds IPO draws record buzz

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At 42x subscription, SBI Funds IPO draws record buzz
Mumbai: The ₹9,813-crore initial public offering (IPO) of SBI Funds Management, India’s biggest asset manager by some distance, is a tale of multiple eye-popping superlatives. The biggest IPO of 2026 is also the most subscribed ever among billion-dollar domestic issues, with investors bidding nearly 42 times the shares on offer by the money manager that oversees about ₹12.5 lakh crore in mutual fund assets.

In total, buyers placed bids for 5.19 billion shares in the issue against 124.5 million shares offered by the State Bank of India (SBI) subsidiary. In terms of the value of bids received, the issue drew allotment applications worth ₹2.97 lakh crore. The Qualified Institutional Buyers (QIBs) portion received the highest subscription – at 140.11 times the stock on offer. The Non-Institutional Investors (NIIs) subscribed 22.51 times of their reserved portion, while retail investors subscribed 3.6 times.

At 42x Subscription, SBI Funds Mgmt IPO Draws Record BuzzAgencies

Grey Market Premium
The employee reserved category and the portion reserved for shareholders of its parent company, SBI, were subscribed 4.65 times and 9.52 times, respectively. Among the 13 issuances raising more than $1 billion since 2020, SBI Funds’ IPO received the maximum number of bids, followed by LG Electronics India‘s October 2025 issue that was subscribed 38 times, data from primedatabase.com showed.In terms of value or amount of bids received, SBI Funds ranks third – after peer ICICI Prudential Asset Management at nearly Rs 2.99 lakh crore, and LG India’s Rs 4.4 lakh crore, which tops the charts. “The robust subscription levels bode well for the primary market as a whole and point to the possibility of healthy listing gains as well,” said Pranav Haldea, Managing Director, Prime Database Group.

First of Many?
SBI Funds’ issue may kick off the arrival of other large main-board issuances, such as those by Manipal Health Enterprises and Zepto, in the coming weeks.

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Toyota sued over claims it tracked users after rejecting cookies

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Toyota sued over claims it tracked users after rejecting cookies

Toyota is the latest company facing a lawsuit over its website’s use of online tracking technology — aka cookies — highlighting a growing legal risk for businesses that rely on digital advertising and consumer data.

A proposed class action filed Wednesday in Los Angeles County Superior Court accuses the automaker of continuing to track visitors to Toyota.com even after they declined third-party cookies, allegedly violating California privacy law.

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Lead plaintiff Brittany Conner alleges Toyota installed tracking technology on users’ devices despite their opting out through the website’s cookie consent banner. 

According to the complaint, the technology allowed third parties to collect browsing activity, device information, online identifiers and other data used for targeted advertising.

TOYOTA TO INVEST $3.6B IN PLANT EXPANSION, WILL SHIFT TACOMA PRODUCTION FROM MEXICO TO TEXAS

Toyota Motor Corp's logo is pictured at its dealership in Tokyo

The lawsuit alleges Toyota installed tracking technology on users’ devices despite their opting out through the website’s cookie consent banner.  (Kim Kyung-Hoon/Reuters, File / Reuters)

The lawsuit alleges the tracking relied on a practice known as “fingerprinting,” which can identify internet users by combining information about their devices and browsing activity, even when traditional tracking cookies are rejected.

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Toyota’s website presents visitors with a consent banner offering the option to accept or decline cookies and similar tracking technologies. The lawsuit alleges the company nevertheless deployed tracking tools after users selected “decline.”

Ticker Security Last Change Change %
TM TOYOTA MOTOR CORP. 179.76 +2.84 +1.61%

The case comes as businesses across industries face mounting litigation under the California Invasion of Privacy Act, or CIPA, a 1967 law originally enacted to prohibit wiretapping. In recent years, however, plaintiffs have increasingly used the statute to challenge website tracking technologies and other online data collection practices.

APPLE ACCUSES OPENAI OF TELLING RECRUITS TO BRING APPLE PROTOTYPES TO INTERVIEWS

The outside of a new Toyota dealership in San Bernardino, California.

Toyota is the latest company facing a lawsuit over its website’s use of online tracking technology. (Terry Pierson/The Press-Enterprise via Getty Images / Getty Images)

According to privacy compliance firm OneTrust, more than 800 CIPA lawsuits were filed in 2025, targeting companies over technologies that plaintiffs argue collect consumer data without users’ consent.

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Several companies have recently resolved similar claims. Forbes Media agreed in May to pay $10 million to settle a proposed “trap and trace” class action, while the Los Angeles Times agreed to a $3.85 million settlement. 

DraftKings and the NFL have also been sued over alleged website tracking practices.

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Conner is represented by Pacific Trial Attorneys. The firm did not immediately respond to FOX Business’ request for comment.

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Toyota did not immediately respond to FOX Business’ request for comment.

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Nephros, Inc. (NEPH) Discusses Evolving Water Safety Strategies and Expansion Beyond Filtration Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Robert Banks
President, CEO & Director

I’m really super excited about this. I got a few more people still logging in, so I’m going to pause just a little bit while we get those last few stragglers logged in. So good stuff, good stuff. So welcome to the Nephros investor event. Thank you for taking the time to join us today and for your interest in Nephros.

Whether you’ve been a shareholder for years or just beginning to learn about the company, I hope you leave today’s event with a much deeper understanding of who we are, why we exist and perhaps most importantly, where we’re headed.

Because today’s event isn’t really about filters, it’s about water. Water is necessary for life. Clean, safe water is fundamental to health. And yet most people don’t think about it until something goes wrong. When water quality fails, the consequences can be significant.

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Patients become ill, buildings can shut down, equipment can fail, businesses lose confidence, trust is lost. At Nephros, our purpose is simple. We purify water where it matters most. That includes hospitals, dialysis clinics, commercial buildings, laboratories, food service and many other environments where water quality has real consequences for patients, customers, caregivers, equipment, operations, ultimately, trust.

The interesting thing that the market around us is just changing so rapidly. Just a few years ago, most conversations centered around legionella. Today, the discussion is much broader. Customers are thinking about opportunistic premise plumbing pathogens, biofilm, antibiotic-resistant organisms, PFAS, lead, aging infrastructure and increasingly micro and nanoplastics.

The

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Form 4 Paysign Inc For: 16 July

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Form 4 Paysign Inc For: 16 July

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Intuitive Surgical, Inc. (ISRG) Q2 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript