The New York City Taxi & Limousine Commission (TLC) passed new rules in October 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 drove changes to the original rules package.
Specifically, these rules will now allow medallion owners participating in MRP 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.
The TLC’s Owner/Driver Resource Center, along with the New York Legal Assistance Group (NYLAG), can also do all the necessary paperwork for them, free of charge, including paperwork for setting up a Limited Liability Company (LLC).
Source: NYC TLC
