The New York Times reported Thursday that a state commission will recommend a new tax on corporate payrolls and tolls on the East River and Harlem River bridges, in an effort to raise $1.6 billion a year.

The commission, headed by former Metropolitan Transportation Authority Chairman Richard Ravitch is also expected to call for fare hikes, though they are said to be less than the steep hikes being proposed by the MTA.

The Times says the commission will only recommend minimal service cuts if any.

The MTA recently proposed raising revenues from fares and tolls by 23 percent, as well as eliminating some subway and bus lines and reducing service on others.

The MTA is facing a $1.2 billion shortfall next year because of the economic downturn.

The commission is expected to release its recommendations for Governor David Paterson on December 5th. Any proposals would need to be approved by the state Legislature.