Annual Medallion Owner Financial Disclosure: How to File

In short: Every NYC taxi medallion owner (individual, partnership, corporation or LLC) must file an Annual Medallion Owner Financial Disclosure with TLC's Office of Financial Stability (OFS). It reports the previous calendar year's taxi income and expenses, insurance premiums, medallion loans, collateral, bankruptcies and related business interests. The 2025 disclosure was due July 15, 2026 (extended from June 15). It is filed online only, in English; an agent may file for you, and one filing can cover several medallions. You must file even if the medallion is in storage.

This guide walks through who files, what to gather, and how to submit, using TLC's own checklist. It explains the requirement; it is not tax or legal advice.

Why it exists

Local Law 111 of 2020 created the Office of Financial Stability to watch the medallion industry's health after the price crash: market stability, possible manipulation or speculation, bankruptcies, loan terms, and owners' income and expenses (OFS page). Local Law 109 of 2020 requires the yearly disclosure. TLC says the data helps it "identify irregularities, and protect against speculative and predatory lending practice that have impacted the taxi sector in the past", and shape new programs for owners.

Who must file

• Independent medallion owners and sole proprietors
• Partnerships
• Corporations and LLCs that own medallions

Medallions in storage are included. If an agent manages your medallion, the agent may file for you, but the duty stays with the owner, so confirm it was done.

Key dates

Expect the same cycle each year: you report the previous calendar year, around June. Check the OFS page in spring for the exact date and any extension.

What to gather

How to file

TLC says it "will not accept the Medallion Owner Financial Disclosure in person or over email". If you need language help, ask the Owner/Driver Resource Center (718-391-5511) or email OFS@tlc.nyc.gov; TLC's O/DRC lists questions about the disclosure among its services.

Getting the numbers right

The disclosure asks for figures you already report elsewhere, so they should agree:

• Income and expenses should match your tax return for the same year. If a company owns the medallion, use the company's return.
• Insurance is the total liability premium you paid, not the monthly bill.
• Loans are each loan secured by the medallion and its balance. If your loan was restructured under the Medallion Relief Program, report the restructured loan.
• TIF payments from the Taxi Improvement Fund are income; TLC sends a Form 1099 for them (TIF grants). Ask a tax professional how to report them.
• Related interests include stakes in agents, brokers, garages or FHV businesses. Owners of four or more medallions have extra duties in TLC's rules; see medallion types.

Common situations

An agent runs your medallion. TLC lets the agent file for you, and agents managed 5,659 medallions in 2024 (OFS). But the agent's own records may not show your loan or your insurance if you pay those yourself. Give the agent your loan statements and tax figures, or file yourself and tell the agent so the medallion isn't reported twice.

A company owns several medallions. File once for the company and list every medallion in that single submission. Use the company's tax return, not each shareholder's personal return.

You own medallions through more than one company. Each owner entity files for the medallions it owns. The question on related business interests is where you show the connection between them.

The medallion was in storage all year. You still file. Report what actually happened: little or no income, but continuing costs such as loan payments, insurance and fees.

You bought or sold during the year. TLC's page doesn't say how to handle a part-year owner. Report the months you owned it and email OFS@tlc.nyc.gov to ask how they want it shown; keep their answer.

You don't drive and lease the medallion out. Your income is the lease money you received, and your expenses are what you paid to keep the medallion working: loan interest, insurance, fees, repairs if you supply the car. Leases are capped by TLC rules, so your income figure should fit those caps; see DOV leases.

The owner died. An estate administrator who operates the medallion (TLC form OS-3) takes on the owner's duties. Ask OFS how to file for the estate.

What OFS does with the filings

OFS uses the disclosures to publish its annual report on the medallion market: trips and farebox, transfers and foreclosures, broker-arranged loans, and the Medallion Relief Program. TLC says OFS works with the Owner/Driver Resource Center so small owners get programs they need, such as free legal services, financial counseling referrals and benefits help. A separate TLC unit, the Business Practices Accountability Unit, reviews broker and agent disclosures (OFS 2024).

How many owners file

OFS's 2024 report shows a big jump in filing. For calendar year 2023, OFS received 2,566 responses covering 5,066 unique medallions, of which 1,286 submissions reported loans. For 2022 the figures were 575, 1,686 and 399 (OFS Annual Report 2024, chart on p.8). With 13,587 medallions licensed, OFS still lists "expand outreach and tools … with the goal of increasing compliance" among its recommendations.

TLC's page doesn't state a penalty for not filing, and we don't guess one. Treat it as mandatory: it is required by local law, and TLC's rules separately require owners to promptly answer TLC's questions and communications (rule 58-15(i)(1)).

Related

• What OFS publishes from these filings: medallion transfers, foreclosures and storage and medallion price history.
• Definitions: Office of Financial Stability, medallion, named driver medallion.
• Other yearly duties: medallion renewal, E-ZPass account (rule 58-27(a)), and answering TLC communications (rule 58-15(i)(1)).
• Accessible taxi money: ATLAS. More on the medallions hub.