Extending the transfer tax exemption period for leases of taxicab licenses.

A Local Law to amend the administrative code of the city of New York, in relation to extending the transfer tax exemption period for leases of taxicab licenses

The City imposes a tax on the transfer of taxicab licenses, also known as medallions, but includes an exemption for leases of six months or less. This bill would extend the lease exemption from six months to seven years.