Thousands of yellow taxi drivers have been drowning debt from loans taken to pay for medallions that were overvalued.
A New York City Council task force on the medallion crisis said they are endorsing a debt forgiveness plan created and championed by the New York Taxi Workers Alliance.
Building on that momentum, Congressman Gregory Meeks announced Friday federal legislation aimed to further relieve drivers' debt burden by limiting tax liability on the forgiven debt.
The bill would prevent any debt forgiveness from being federally taxed.
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