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Tax Relief for Taxi Owners: Medallion Debt Forgiveness

This act aims to assist taxi owners struggling with medallion-related debts. It ensures that forgiven taxi medallion debts are not counted as taxable income, meaning individuals won't have to pay taxes on these amounts. This provides significant financial relief to taxi operators who have experienced a decline in the value of their medallions.
Key points
Forgiven taxi medallion debts will not be treated as taxable income for most taxpayers.
There is a limit on the amount of forgiven debt that can be excluded: up to $2,000,000 for most individuals and $1,000,000 for married individuals filing separately.
This rule applies to debt discharges occurring after December 31, 2016, and before January 1, 2023.
The exclusion does not apply to debt discharges due to services performed for the lender or factors unrelated to the medallion's value decline or the taxpayer's financial condition.
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Additional Information
Print number: 117_HR_2077
Sponsor: Rep. Meeks, Gregory W. [D-NY-5]
Process start date: 2021-03-19
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Taxi Medallion Loan Forgiveness Debt Relief Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2077.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-19.

What are the main provisions?

Key points include:

  • Forgiven taxi medallion debts will not be treated as taxable income for most taxpayers.
  • There is a limit on the amount of forgiven debt that can be excluded: up to $2,000,000 for most individuals and $1,000,000 for married individuals filing separately.
  • This rule applies to debt discharges occurring after December 31, 2016, and before January 1, 2023.
  • The exclusion does not apply to debt discharges due to services performed for the lender or factors unrelated to the medallion's value decline or the taxpayer's financial condition.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Meeks, Gregory W. [D-NY-5].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Transport