NEW YORK (CBSNewYork) — Mayor Michael Bloomberg is expected to sign a bill today allowing the TLC to collect taxes on the 18,000 new livery licenses and 2,000 new medallions for wheelchair-accessible yellow cabs.

The livery cabs will be allowed to pick up passengers north of 96th Street in Manhattan and in the outer four boroughs.

The bill was passed by the Legislature back in June before it ran into some road blocks, including access for handicapped riders. Livery cab advocates also argued that they should be allowed to buy into a medallion system instead of a permit, while yellow cabbies argued the plan would devalue the medallion.

Bloomberg, a strong proponent of the measure, which also calls for 2,000 additional taxi medallions, believes it would raise much-needed revenue for the city.  The measure could bring in $1 billion of revenue to help the city ease its budget shortfall.

Officials said it may still take a few months for livery permits to be issued and full handicapped accessibility to be implemented.

The city will also provide grants of up to $15,000 to fit cabs with equipment necessary to accommodate disabled passengers or buy accessible vehicles.

Please share your thoughts below…

Watch & Listen LIVE