The extra cash injection will see the passenger service levy (PSL) increase by 20¢ to $1.20 (excluding GST) and be extended to 2030.
The changes to the financial assistance package were a result of continued discussions and feedback from representatives from the taxi industry.
This now takes the total assistance package designed to help fully deregulate the industry from $645 million to $905 million.
The new package provides $150,000 for every Sydney metropolitan taxi licence holder with a cap of six plates. Each regional taxi plate will be paid between $40,000 and $195,000, with no cap on the number of plates.
As part of this final assistance package, the passenger service levy will cease in 2030.
If the NSW Taxi Council does not accept the final package, the legislation will not be introduced.
A government-appointed review will then be launched to assess a compensation package based on the existing passenger service levy.
