NEW YORK (CBSNewYork) — There are new efforts to help taxi drivers struggling to pay taxi medallion loans.

The New York Times reports a city-appointed panel is seeking a bailout that could cost as much as $500 million.

The panel wants to establish a public-private partnership to take on much of the debt.

The city-issued permits, many of which were sold at artificially inflated prices, allow them to own cabs.

Additionally, other state and city leaders are set to announce legislation Friday to relieve medallion owners from tax liability for debt forgiveness.

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