After a surprisingly drawn-out process, the Taxi and Limousine Commission settled on a proposal for an increase in taxi fares yesterday. Now all it needs is a vote, which has been scheduled for July 12 after the hearing on July 9.

The proposed hike is not quite as high as had been initially proposed: each pass of the meter is expected to be $0.50 rather than the $0.40 it is now, and a trip from JFK to Manhattan will be $52.00, up from the current $45.00. (Fares were previously expected to go up 20%.)

There hasn’t been a fare increase since 2006, and a “small portion” of the new fares are set aside for a brand new taxi driver health and disability fund, so maybe we should all settle down about this. This proposal also eliminates the processing fee for credit card transcations, a huge headache for cab drivers who haven’t always seen 100% of fares paid by card.(Photo: Ingo Meironke/Flickr)