The following items highlight some changes in the tax law for 2000. Standard mileage rate.The standard mileage rate for the cost of operating your car, van,pickup, or panel truck in 2000 is 32.5 cents per mile for eachbusiness mile. Meal expense deduction subject to "hours of service"limits.For 2000, this deduction increases to 60% of the reimbursed mealsyour employees consume while they are subject to the Department ofTransportation's "hours of service" limits. See chapter 16. hotel rooms BremenTaxable income limit for certain percentage depletion.For tax years beginning after 1999, percentage depletion on themarginal production of oil or natural gas is limited to taxable incomefrom the property figured without the depletion deduction. See chapter 13. |