โฟ๐ TLC Hearing On New WAV-Related TIF Rules Tomorrow, Could Help Medallion Industry & Values
Proposals increase WAV-related TIF payouts & flexibility to use pre-owned WAVs. Could help more medallions get out of storage and help TLC meet accessibility requirements. Zoom hearing tomorrow, 10AM
The NYC Taxi & Limousine Commission (TLC) will hold a public hearing (via Zoom) tomorrow, Wednesday, November 29th at 10am. The TLC is proposing changes to increase Taxi Improvement Fund (TIF) payouts to drivers who put a wheelchair accessible vehicle (WAV) into service. In addition, the regulator will allow medallion owners to purchase pre-owned WAVs.
We will provide a summary of the hearing later this week, but if youโre interested in participating in the hearing please sign-up today by emailing tlcrules@tlc.nyc.gov or calling TLC at 212-676-1135.
Below are some specific details on the proposals:
๐ฐ๐ WAV Hack-up Payment: Will increase to $20,000 from $14,000
๐ฐ๐ WAV Operational Payments: Yearly operational payments will be $1,000 per year of service (*EDIT* decrease vs. status quo) and payments will be made four times per year (previously three times)
โฟ๐ Trip Requirement: First operational payment will be made after 500 passenger trips (previously 250)
โฟ๐ Years WAV Must be Hacked-up: WAV must be hacked-up for a minimum of 5 years (previously 4 years)
โฟ๐ *NEW* Pre-Owned WAV Allowances: Vehicle must have 50,000 miles or less, has to be within three model years of latest model year (i.e., 2023 model year means 2021, 2022 or 2023 WAV can be Hacked-up)
Note: vehicle still must be on TLC approved list
โฟ๐ *NO* Set Retirement Date for *NEW* WAVs: โAll new Accessible Vehicles that are or have been Hacked-up pursuant to TLC Rule 67-06(b)(1) shall have no set retirement date, contingent upon the Accessible vehicle passing its regularly scheduled inspectionsโ
Note: Pre-Owned WAVs have an 84 month (8 year) model year retirement schedule. For example, according to TLC โa used 2018 model year vehicle that was hacked up in 2022 is three years old and must be retired from Taxicab service and replaced no later than the first scheduled inspection of the vehicle occurring 48 months after the vehicle was Hacked-upโ
Quick Thoughts
After the hearing, we'll share more specific thoughts (& hearing highlights).
However, from our initial reading, we think the proposals are a ๐ positive development โ for not only accessibility advocates & the disabled community, but also for the taxi medallion industry.
The TLCโs proposals will likely encourage, via these financial incentives & rules, more medallion owners (fleets and individuals) to transition to WAVs (which will also help TLC meet previous requirements that 50% of the medallion taxi fleet must consist of WAVs). Also, the increased TIF payouts will (hopefully) provide an additional push for inactive medallions to come out of storage. Finally, WAVs are getting increasingly expensive (a new Toyota Sienna that is wheelchair accessible can cost more $70,000+! ๐), so allowing the use of pre-owned WAVs is also positive development โ .
As weโve previously reported, more than 4,500 taxi medallions remain inactive.
As always, let us know your thoughts in the comments section below or by emailing us at info@automarketplace.com.
AutoMarketplace NYC covers the for-hire transportation industry and automotive news. Check out AutoMarketplace on YouTube โถ๏ธ