The New York City Taxi and Limousine Commission (TLC) unanimously approved new rules on Thursday, Oct. 22, aimed at providing financial relief and greater ownership flexibility to taxi medallion owners.

The changes allow participants in the city’s Medallion Relief Program (MRP) to transfer ownership from individuals to corporations, potentially reducing their tax burden. According to the commission’s official announcement, approximately 730 single-medallion owners could save thousands of dollars under the new provisions.

Mayor Zohran Mamdani welcomed the changes, recalling his earlier support for taxi drivers seeking financial relief.

“We will never stop listening to our taxi drivers,” Mamdani said, pledging continued support for the industry.

The Medallion Relief Program, launched in 2021 and expanded in 2022, has helped more than 2,000 taxi medallion owners restructure their loans, resulting in approximately $476 million in debt forgiveness.

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Expanded ownership options and assistance

The new rules also permit medallion transfers to immediate and extended family members and their estates. Existing partnerships may also remove a partner when all parties agree to the change.

Deputy Mayor for Economic Justice Julie Su credited taxi drivers for helping shape the revised regulations.

“These changes were a direct result of feedback that the TLC received from drivers,” Su said.

The revisions followed an Aug. 13 public hearing at which dozens of drivers and advocates submitted comments or testified about the proposed rules.

Original article
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