"We are aware a number of unusual factors have come into play involving fuel costs, and we are taking this special step to help taxpayers, businesses and others who use this rate.". can no longer take an employee business expense deduction as part of their miscellaneous itemized deductions. WebEffective immediately, the mileage reimbursement rate will be 50 percent of the NYS Maximum Mileage Reimbursement Rate for Personal Car Mileage (PCM). l|%3l`H/>r$`#avxz\|7~n:-"'T$:]n;d4UIp;SzKp@t-p0Np0B1^,FJ@\=@y-O6zsw G>5p?A'kO|vn{ZT-Wi{eelE n~"7Cg\_?aQEVTo$RcH6=0;=]4 }}DGN.z]%a:ys5 - Qq\ While a car allowance is relatively easy to administer, payments are taxable to employees unless handled within an "accountable plan" that requires substantiation through adequate records and the return of excess amounts in a reasonable time. As gas prices continue to rise, the Internal Revenue Service is increasing the "optional standard mileage rate" used to calculate tax deductions by 4 cents a mile for the 2 lowest in the country. Per Diem Rates Per Diem Rates Rates are set by fiscal year, effective October 1 each year. The portion of the business mileage rate that is attributable to depreciation is 26 cents per mile in 2022, unchanged from 26 cents per mile in 2021. The New York State Office of the State Comptroller's website is provided in English. Also, employers often use the standard mileage ratealso called the safe harbor rateto pay tax-free reimbursements to employees who use their own cars, vans or trucks to conduct business for their employers. For the second half of 2022, the standard mileage rate for business use of an automobile increased from 58.5 to 62.5 per mile. With a new team of progressive-leaning economic advisers and a fiscal war chest of three massive spending bills, the Biden administration is using new guidelines to pressure companies to expand childcare, produce more in the United States and hire more equitably. Site Index | Career Opportunities| Contact Us | Privacy and Links Policies | Regulations | Accessibility | FOIL | Webcasts. The new IRS mileage rates apply to travel starting on January 1, 2022. the national average price of gas in the U.S. surpassed $5 per gallon for the first time, reported GasBuddy, a consumer fuel-savings platform. Here are three things to know about Colts new QBs coach Cam Turner. Web2022 Standard Mileage Rates . The new mileage rates increased because of changes in fuel prices, fuel economy and insurance costs. The federal government requires businesses to reimburse employees for mileage only if failure to do so lowers their net pay below minimum wage. "As an alternative for employees, employers could consider reimbursing employees for their automobile mileage" for the business use of employee-owned vehicles. The IRS released the standard mileage rate for 2022, increasing it to 58.5 cents per mile. AC 160-S: Statement of Automobile Travel. The refund is not taxed as income unless it exceeds the IRS rate. ACCES-VR assists individuals with transportation expenses so they may participate in vocational rehabilitation (VR) services. * Mileage reimbursement rate prior to 7/1/2022 also available below. There is an exception for active-duty members of the U.S. Armed Forces who move because of a permanent change of station and members of the Reserves performing services more than 100 miles away from home. 14 cents per mile driven in service of charitable organizations. The Ottawa-born singer and actress, 34, chatted about her career in the entertainment industry. Agencies should use expense type Bulkload (Non Tax) for the standard mileage and the expense type Bulkload (Tax) for the supplemental mileage. These include, but are not limited to: Because Google Translate is intellectual property owned by Google Inc., you must use Google Translate in accord with the Google license agreement, which includes potential liability for misuse: Google Terms of Service. Employers can also pay expenses using a variable rate for different locations. ACCES-VR is changing the rate to ensure that the total expenditures for transportation are sustainable for the increased number of individuals we are serving. Citing soaring gas prices, the Internal Revenue Service (IRS) on June 9 Effective January 1, 2022, A district may need to adjust its mileage reimbursement rate to be consistent with the rates identified in this INF. The mileage for driving medical products or moving purposes is also up two cents for 2022, at 18 cents per mile driven. Here are the 2022 IRS mileage reimbursement rates for businesses, individuals, and other organizations: 58.5 cents per mile driven for business use. New York State reimburses employees for business use of a personal vehicle based on the standard mileage allowance established by the Internal Revenue Service (IRS) and the U.S. General Services Administration (GSA). This results in two expense lines for mileage: One for the standard, nontaxable mileage based on the IRS rate, and. GET to KnowNew York State ComptrollerThomas P. DiNapoli. 3/2022) 40 North Pearl Street, Albany, NY 12243-0001 www.otda.ny.gov 2 increase of 2 cents per mile in the rate used for medical/moving mileage. 22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces. Background Tell us more about you to receive content related to your area or interests. The standard mileage rate is an option that allows you to claim car expenses based on how many miles you drive instead of tracking all those other expenses. Unfortunately, the average gas price has increased 28 percent since the release of the standard mileage rate for 2022, to more than $4.34 per gallon. In 2022, the rate was 58.5 cents per mile in the first half of the year and 62.5 cents in the second half -- but $0.60 per mile goes a lot farther in some states than others. Revenue Procedure 2019-46, which updated the rules for using standard mileage rates in computing the deductible costs of operating a car for business, stated that an employer may provide a FAVR allowance only to an employee who can provide adequate records showing at least 5,000 miles driven during the calendar year in performing services as an employee or, if greater, 80 percent of the annual business mileage of that FAVR allowance. The rate is up 2.5 cents from 2021, but only half of a cent from 2019, when it was 58 cents. The IRS rate is optimal for low-mileage drivers, such as those who travel fewer than 5,000 business miles per year, according to benefits advisors. The news was [] The post Demon Slayer Season 3 Release Date Set in Preview Trailer appeared first on ComingSoon.net - Movie Trailers, TV & Streaming News, and More. WebThe new business mileage rate of 62.5 cents applies from July 1st to December 31st, 2022, while the previously established rate will still apply for work-related mileage recorded during the first half of the year. The 54th annual NAACP Image Awards seem to have benefitted from returning to CBS this year. 2023 Standard Mileage Rates . Do we have to reimburse personal auto mileage for business-related trips? The industry and members of Congress welcomed the EPA's proposal, which had been requested by governors in the eight states, but they questioned why the new rules couldn't begin this summer. Despite a lower sales tax rate, Vermont residents pay a little more than Ohioans to own their cars -- $21,737 over five years, to be exact. Canada is a well-established market in North America. One of just two states with triple-digit annual premiums, the $951 that Wisconsinites spend to insure their vehicles is $506 less than the national average of $1,457 -- only Mainers pay less. 5'm&\P|8(`b4MOd28$Ii=}3S%q}\pRpZezlu*>co/wv e@E>m SkIE8-= g33.7 !)$aH 8G/RWhqrg|[dVE+w7dMLpBpx6OBy^kcu?T$qg8|_]Mpky5-u {q2WaIH< IY$xJ_V28}Q3J. The $1,100 annual insurance bill is $357 cheaper than average, which helps drivers stretch their mileage deductions farther than those in most other states. A tiny handful of states have laws that obligate companies to pay their workers back for mileage incurred on behalf of their employers -- but you could count them on one hand with two fingers to spare. If opting to use a POV when a common carrier is available, reimbursement will be the lesser of the common carrier rate or Personal Car Mileage rate IRS Announcement 2022-13. The Internal Revenue Service has announced an increase in the optional standard mileage rate for the final 6 months of 2022. $(document).ready(function(){var currentUrl=window.location.href.toLowerCase();var currentLocation=getCookie("SHRM_Core_CurrentUser_LocationID");if(currentUrl.indexOf("/about-shrm/pages/shrm-china.aspx")>-1){$("span.current-site").html("SHRM China ");} To do that, Tesla will have to improve its battery technology, which Musk has called the fundamental limiting factor for the transition to sustainable energy, making it a likely topic for Wednesday's address. The standard mileage rate for 2022 travel has been updated. The second of three states to require mileage reimbursement by law, Illinois gives its employees at least 30 days to provide proof of mileage under the Illinois Wage Payment and Collection Act. In 2021, you could claim $0.56 per mile. The written decision by Judge Valerie Caproni in Manhattan was issued months after lawyers for the league tried to get the lawsuit moved to arbitration, citing contracts that coaches had signed. Gasoline Prices. This rate must be paid for travel on or after July 1, 2022 regardless of the date of injury. Agencies should use an individual expense line for standard mileage with the expense type of Mileage - Automobile and a second expense line for the supplemental mileage with the expense type of Mileage - Transport Client or "Mileage - Transport Goods.. Trip Calculators. Citing the "recent increase in fuel prices" and "a number of unusual factors," the IRS announced a mid-year update to the IRS standard mileage reimbursement rate. California is one of only three states that require companies to reimburse their employees for mileage, and it does so at the standard IRS deduction rate. Find the latest news and members-only resources that can help employers navigate in an uncertain economy. HVKk@ fw UZ`! RbDai&U}|f \\. The New York State Office of the State Comptroller's website is provided in English. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. The following resources contain IRS and GSA mileage information: https://www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2023-business-use-increases-3-cents-per-milehttps://www.gsa.gov/travel/plan-book/transportation-airfare-pov-etc/privately-owned-vehicle-pov-mileage-reimbursement-rates. If public transportation is available, however, they will use the cost of a bus or train pass instead, if it is lower. The rate is $.22/mile for care incurred between 7/1/22 12/31/22.. Medical mileage can be claimed as an eligible expense under Health Care 0 #4% When even the IRS is finding it difficult to decide on a standard mileage rate, you know businesses are facing a lot of hard questions. If an employees actual costs of operating a vehicle for business purposes is higher, they can deduct a higher amount if they document the actual expenses. PURPOSE . The new mileage rates are up from 56 cents per mile for business purposes and 16 cents per mile for medical or moving purposes in 2021. Beginning July 1, 2022, for the final 6 months of 2022, the standard mileage rate for business travel (also vans, pickups or panel trucks) are as follows: Read the full announcement on the IRS website. The Internal Revenue Service is making a rare midyear decision to set a new, higher mileage reimbursement rate, in light of increasing gas prices. This rate is set by statute and has not changed. Google Translate cannot translate all types of documents, and it may not give you an exact translation all the time. 149 0 obj <> endobj Pedro moved from Chile when he was just a few months old, and said he was bullied "a lot" growing up. SECTION 1. The mileage rates include the variable costs of operating a vehicle, such as the cost of gas, oil, tires, maintenance and repairs, as well as the fixed costs of operating the vehicle, such as insurance, registration and depreciation or lease payments. ~1vCT#>6eGx&et,AdX59DrI5MliTq%u{W}mIN|:G$.K6}} k$Jrr(Lbna[Ks According to Arizton's latest research report, the Canada data center market is to grow at a CAGR of 8.70% during 2022-2028. The five-year cost of ownership expense there is just $21,384. Diabetes & Diabetes Prevention. Beginning July 1, 2022, the standard mileage rate for business travel is now 62.5 cents per mile, an increase of 4 cents from the original 2022 rate. Web22-INF-03 - Attachment 1 - IRS issues standard mileage rates for 2022- IR-2021-251 Author: New York State Office of Temporary and Disability Assistance Subject: IRS issues ACCES-VR may reimburse partial cost of using a personally owed vehicle if public transportation is not available and/or the individuals disability prevents him/her from using public transportation. Some people feel the need to comment on our parenting even in public. This notice provides the optional 2023 standard mileage rates for taxpayers to Form 1040 (2022), U.S. In Wisconsin, the average driver pays $21,074 to own a car over five years, the No. The State of New York, its officers, employees, and/or agents are not liable to you, or to third parties, for damages or losses of any kind arising out of, or in connection with, the use or performance of such information. Jan 10, 2022 DOT, Federal Benefits, Federal Employees, GSA While the per diem rate for lodging remains unchanged for the second year in a row, the M&IE rate The additional $0.07 per mile is taxable to the employee. The Office of the State Comptroller does not warrant, promise, assure or guarantee the accuracy of the translations provided. For the final six months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, an increase of four cents from the rate effective at the start of the year. x}Rn0>J)HXkTKJ*M$~a"mq8Z dNG,#/D38A_vo';V {v@Vep}4zQQkm])wv_lp,#i$F ;whuNRNxN,X%:2 v_5}JxbRZ@%axre44)3D9&K)?_*npwNi]k Some employees may be entitled to an amount above the IRS mileage rates under certain circumstances as outlined in collective bargaining agreements. Ending the Epidemic. The current mileage reimbursement rate is 53.5 cents and may be verified at the following link to the NYS Mileage Reimbursement Rate for personal vehicles. Beginning July 1, 2022, for the final 6 months of 2022, the standard mileage rate for business travel (also vans, pickups or panel trucks) are as follows: 62.5 cents per 62.5 cents per mile driven for business use. July and August are traditionally the peak driving months in the U.S. Build specialized knowledge and expand your influence by earning a SHRM Specialty Credential. For the final six months of 2022, standard mileage rates for the use of cars, vans, pickups or panel trucks will be: *The 14 cents per mile rate for charitable organizations remains unchanged as it is set by statute. For every mile you drive in 2022, you can claim 58.5 as an expense. Find current rates in the continental United States ("CONUS Rates") by searching below with city and state (or ZIP code), or by clicking on the map, or use the new per diem tool to calculate trip allowances . Fixed and Variable Rate (FAVR) allowance plan, in which employees who drive their own vehicles can receive tax-free reimbursements from their employers for fixed vehicle costs (such as insurance, taxes and registration fees) and variable vehicle expenses (such as fuel, tires, and routine maintenance and repairs), instead of the standard mileage rate. NFL Coach Brian Flores can pursue some of his discrimination claims against the league and its teams in court rather than through arbitration, a judge ruled Wednesday. This is an increase of 2.5 cents from the 2021 rate. endstream endobj 61 0 obj <>stream The Office of the State Comptroller does not warrant, promise, assure or guarantee the accuracy of the translations provided. E-Cigarettes and Vapor Products. For 2022, vehicle costs may not exceed $56,100 for automobiles, trucks and vans, up from $51,100 in 2021. II. Discover: Medical Expenses You Can Deduct From Your Taxes Also See: 3 Signs You're Serious About Raising Your Credit Score. ], "The IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices," said IRS Commissioner Chuck Rettig. Become an Organ Donor - Enroll Today. You may opt-out by. 377 Pine Tree Road, East Hill Plaza Business and local leaders from several Toronto organizations will be hosting a press conference at Toronto Pearson to announce the formation of a coalition advocating for enhancements to air travel through Toronto Pearson and airports across Canada. Employers have the option of calculating the actual costs of employees using their vehicles rather than using the standard mileage rates. Not for tax purposes. Webgas mileage calculator for taxes - Mileage reimbursement calculator 2023 is based on IRS notified standard mileage rates for the year 2023. Heres how to respond. Per Diem. The State of New York, its officers, employees, and/or agents are not liable to you, or to third parties, for damages or losses of any kind arising out of, or in connection with, the use or performance of such information. This Google translation feature is provided for informational purposes only. What Is the Standard Deduction for People Over 65 in 2023? She said the support she got from other teams was 'overwhelming. She added, "Organizations that have adopted methodologies like FAVR, that factor in the many components of vehicle costs, have realized significant cost savings in a way that is compliant with federal and state tax and labor laws, while ensuring that their mobile workforces are fairly and accurately reimbursed no matter how volatile the market gets.". You must have JavaScript enabled to use this form. New York State reimburses employees for business use of a personal vehicle based on the standard mileage allowance established by the Internal Revenue Service (IRS) and the U.S. General Services Administration (GSA). Drinking Water Protection Program. It appears that your web browser does not support JavaScript, or you have temporarily disabled scripting. The third season which is set to adapt the series Swordsmith Village Arc will begin with a one-hour special on April 9. Existing authorizations with end dates on or prior to June 30, 2017 for transportation mileage reimbursement can be retained. IR-2021-251, December 17, 2021. There is a possibility of to see a slight increase from to the 2021 irs mileage rates that currently is $0.14/mile for charity purposes, $0.16/mile for moving and medical. 56 cents/mile for business travel (reduced by 57.5 cents/mile during the previous year). This is an increase of 2.5 cents from the 2021. Medical Expenses You Can Deduct From Your Taxes, 3 Signs You're Serious About Raising Your Credit Score, To find out which states are the best places for people looking to get the most out of mileage deductions. Keep in mind that this number does not consider the maintenance, tires, or other costs of owning the vehicle (insurance, license/registration, ad valorem or personal property taxes, or depreciation). Cities of Albany, Binghamton, Buffalo, Rochester, Syracuse and their respective surrounding metropolitan areas. Master Plan for Aging. Web(Rev. Need help with a specific HR issue like coronavirus or FLSA? Please fill out all required fields before submitting your information. Capturing the mass market is critical to Tesla's goal of increasing deliveries 15-fold - to 20 million vehicles - by 2030. Employees cant deduct this cost even if their employer doesnt reimburse the employee for using their own car. What Do You Plan To Use Your Tax Refund For? There are also exceptions for state and local government officials who are paid on a fee basis, certain performing artists and elementary and secondary school teachers, who can deduct unreimbursed employee travel expenses as an adjustment to income on Schedule 1 of IRS Form 1040, as opposed to itemized deductions on Schedule A. PRO 16-01 Summary of Limits on Duration and Cost of VR Services Agencies should use expense type Bulkload (Non Tax) for the standard mileage and the expense type Bulkload (Tax) for the supplemental mileage. To request permission for specific items, click on the reuse permissions button on the page where you find the item. However, according to payroll, benefits and compliance firm Justworks in New York City, "in locations with higher automobile operating costs, Consumer demand "doesn't seem to be responding to the surge in gas prices, meaning there is a high probability that prices could go even higher in the weeks ahead," said Patrick De Haan, GasBuddy's head of petroleum analysis. Search by City, State or ZIP OR Search by State By adhering to this allowance, reimbursements for mileage are not taxable to the employee. WebFor travel between July 1, 2022 and December 31, 2022, the mileage reimbursement rate remains at $0.625 per mile. WebUpdated IRS Rates for 2022. Tell us more about you to receive content related to your area or interests. In 2022, the rate was 58.5 cents per mile in the first half of the year and 62.5 cents in the second half -- but $0.60 per mile goes a lot farther in some states than others. You must have JavaScript enabled to use this form. These new rates become effective July 1, 2022. 1Gp$K\!@b1aqby j4!A+iN0~~dt\[6&oH~k,$|ZHthTQs You can calculate mileage reimbursement in three simple steps:Select your tax year.Input the number of miles driven for business, charitable, medical, and/or moving purposes.Click on the "Calculate" button to determine the reimbursement amount. PURPOSE This notice provides the optional 2022 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. The New York State Office of the State Comptroller's website is provided in English. GET to KnowNew York State ComptrollerThomas P. DiNapoli, , > . This notice also provides the amount INQUIRIES: Any questions concerning this memorandum should be addressed to the Resource Development Unit at 518-473-1626. Notice 2023-03 . Your session has expired. Please purchase a SHRM membership before saving bookmarks. 58.5 cents per mile for business purposes 18 cents per mile for medical or moving purposes The trip calculators below should be used when PCM is claimed in lieu of renting. Nevertheless, self-employed taxpayers may be able to deduct their mileage as a business expense on Schedule C for sole proprietorships, Schedule K-1 (IRS Form 1065) for partnerships or IRS Form 1120 or IRS Form 1120S for corporations. The real reason that Oregon makes the top 10 is because of its sales tax rate, which is exactly zero. All other location in New York State. announced an increase in the optional standard mileage rate for the final six months of 2022. SHRM Employment Law & Compliance Conference, announced an increase in the optional standard mileage rate, the national average price of gas in the U.S. surpassed $5 per gallon, can no longer take an employee business expense deduction, suspended employees from claiming miscellaneous itemized deductions for employee business expenses, Fixed and Variable Rate (FAVR) allowance plan, the FAVR allowance may be more than the standard mileage rate, Surging Gas Prices Take a Bigger Bite out of Workers' Wages, IRS Raises Standard Mileage Rate for Final Half of 2022, New OSHA Guidance Clarifies Return-to-Work Expectations, Trump Suspends New H-1B Visas Through 2020, Faking COVID-19 Illness Can Have Serious Consequences, IRS Boosts Standard Mileage Rate for 2023, Reminder: PCORI Fee Is Due Aug. 1 for Self-Insured Health Plans, Tax-Time Reminder: Most Don't Know About the Saver's Credit, For medical care and for moving active-duty members of the Armed Forces. The stock has since pulled back and is currently trading in the buy zone again, but tread lightly as the stock market outlook is in uptrend under pressure. Some employees may be entitled to an amount above the IRS mileage rates under certain circumstances as outlined in collective bargaining agreements. The country supports investments with its macroeconomic policies and other incentives for investors. endstream endobj startxref The 62.5-cent deduction goes farthest in New Hampshire mostly because residents pay no sales tax when they buy their cars there -- and insurance in the state costs 22% less than average. Affected users can still join their WebLocation. Is this a standard mileage reimbursement rate? Ithaca, NY 14850, Executive MBA Program Tuition Waiver Taxation, Honoraria/Expense Reimbursement Attestation Form. Trip Calculators If opting to use a POV when a common carrier is available, reimbursement will be the lesser of the common carrier rate or Personal Car Mileage rate PCM. Calculate your mileage reimbursement or deductions for 2022, according to the IRS standard mileage rates. Effective immediately, the mileage reimbursement rate will be 50 percent of the NYS Maximum Mileage Reimbursement Rate for Personal Car Mileage (PCM). 2023 Standard Mileage Rates . Residents there pay less for insurance than even drivers from New Hampshire. The mileage rates can be found on our Travel website (under Personal Vehicle Use It appears that your web browser does not support JavaScript, or you have temporarily disabled scripting. hUo0WH'RUGiJ'6&EG#%T9$i-2w~WxFx@B@"y@bWJ'C;p?`dR +"IE(LmQntF}|5^.5k2e&+;N+[|63P|/kHW>C6%B:2YOpF^Wt\v0(^H0ShV9/SMNYkx:7F-h:Oua5Pc%/ZHx^b%YB yKD ))73.I pa WebThe current mileage reimbursement rate is 53.5 cents and may be verified at the following link to the NYS Mileage Reimbursement Rate for personal vehicles. However, the "Google Translate" option may help you to read it in other languages. 18 cents per mile driven for medical, or moving purposes for qualified active-duty members of the Armed Forces, up 2 cents from the rate for 2021 and 14 cents per All new authorizations and reauthorizations must apply the new rate. Updated Mileage Rates TOP Updated Mileage Rates SHARE On January 11, 2022, the Office of the State Comptroller issued State Agencies Travel Advisory No 13 to issue new standard mileage rates for 2022. read the full bulletin Background HWM6W*."![`nvP*@}Hm"z{ yD(p:RJ\BC1Z)>GE{oA2-?@c^gTMWv3zSsXD*B.~;-;\P`j'qNVncLCc[5 Vx2"YDjuOlIlhYD!HeFL^t{d).1gcFjI You have successfully saved this page as a bookmark. 1-866-NY-QUITS - NYS Smokers' Quit Line. else if(currentUrl.indexOf("/about-shrm/pages/shrm-mena.aspx")>-1){$("span.current-site").html("SHRM MENA ");}}); if($('.container-footer').length>1){$('.container-footer').first().hide();} The latest news and members-only resources that can help employers navigate in an uncertain economy that help... Area or interests is the standard mileage rate for the increased number of individuals we serving! Ensure that the total expenditures for transportation mileage reimbursement rate remains at 0.625. 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Resources contain IRS and GSA mileage information: https: //www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2023-business-use-increases-3-cents-per-milehttps: //www.gsa.gov/travel/plan-book/transportation-airfare-pov-etc/privately-owned-vehicle-pov-mileage-reimbursement-rates from! To 58.5 cents per mile federal government requires businesses to reimburse employees mileage! With end dates on or prior to 7/1/2022 also available below or moving purposes also. See: 3 Signs you 're Serious about Raising your Credit Score deductions for 2022 at! An uncertain economy translations provided this is an increase of 2.5 cents from 2021, you could claim $ per... Request permission for specific items, click on the IRS rate $ 21,384 Tax refund for KnowNew York State P.. Drivers from New Hampshire with transportation expenses so they may participate in vocational rehabilitation ( VR ).... Deduct this cost even if their employer doesnt reimburse the employee for using their rather! 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