TLC Passes Rules to Bolster Medallion Relief Program
With Driver Input, New Provisions Expand Ownership Flexibility for Medallion Owners
New York, NY – The New
York City Taxi and Limousine Commission (TLC) today passed new rules
that add flexibility for individual medallion owners who participate in
the Medallion Relief Program (MRP). Critical driver and advocate
feedback at TLC’s
public hearing on August 13
– when dozens of speakers provided written and oral comments
– drove changes to the original rules package, helping shape TLC
policy.
Specifically,
these rules – passed by a unanimous vote – will now allow
medallion owners participating in MRP the opportunity to restructure
ownership from individual to corporate ownership, reducing the
owner’s tax burden and providing an estimated 730
single-medallion owners thousands of dollars in financial relief. Since
MRP launched in 2021 and expanded in 2022 with MRP+, it has
successfully restructured loans for over 2,000 medallion owners,
resulting in $476 million in debt forgiveness.
“At the time it was created, the Medallion Relief Program provided critical debt relief to drivers in need,” said
Mayor Zohran Kwame Mamdani. “I stood alongside taxi
drivers during the fight for what they deserved years ago and am proud
that the work lives on in our administration. We will never stop
listening to our taxi drivers, delivering the relief they need, and
building a city that treats them with dignity.”
“When our City’s hardworking taxi workers speak, we make sure to listen,” said
Deputy Mayor for Economic Justice Julie Su.
“These changes were a direct result of feedback that the TLC
received from drivers, who will continue to have a hand in shaping the
policy that affects their day-to-day lives.”
“Make
no mistake: These rules are just the beginning of our efforts to
provide meaningful relief for TLC drivers and their families,”
said
TLC Chair and Commissioner Midori Valdivia. “I am
grateful to the TLC staff who are working so hard to try to reduce
burdens for small business owners and contribute to the financial
health of the medallion industry.”
As
the TLC continues to focus on driver and passenger dignity, corporate
accountability, and a transportation system that works together, the
rules package also allows for flexibility around medallion transfers to
immediate or extended family members and their estates and permits
members of an existing partnership to remove a partner if all parties
agree to the change.
Not only can hundreds of drivers benefit from the new transfer rules, but
TLC’s
Owner/Driver Resource Center, through its partnership with the
New
York Legal Assistance Group (NYLAG),
will do all the necessary paperwork for them, free of charge. That
includes all the paperwork necessary to set up a Limited Liability
Company (LLC).
About NYC TLC
Created
in 1971, NYC TLC is the agency responsible for licensing and regulating
New York City's medallion (yellow) taxi cabs, for-hire vehicles
(community-based liveries, black cars, and luxury limousines), commuter
vans, and paratransit vehicles, along with the businesses that operate
them. It is recognized as the largest and most active taxi and for-hire
vehicle regulatory body in the United States.
Over
180,000 TLC licensees complete nearly 1,000,000 trips each day. To
operate for hire, drivers must first undergo a background check, have a
safe driving record, and complete 24 hours of driver training.
TLC-licensed vehicles are inspected for safety and emissions at TLC's
Woodside Inspection Facility.
To find out more about the TLC, or
to review its rules, regulations, and procedures, we encourage you to
visit our official website at www.nyc.gov/taxi or
contact 311/311
Online.
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