|
While Florida's governor Ron DeSantis may have targetted Disney last week with a bill that sees the company lose control of its ability to self-govern its theme parks and resorts in the state, hundreds of millions of dollars in tax breaks recently lavished on the entertainment giant will reportedly remain untouched.
| 25 Apr 2022
While Florida's governor Ron DeSantis may have targetted Disney last week with a bill that sees the company lose control of its ability to self-govern its theme parks and resorts in the state, hundreds of millions of dollars in tax breaks recently lavished on the entertainment giant will reportedly remain untouched.
Disney was granted the special status in 1967, which has allowed the company to self-govern its 101sq km (39.1sq mi) of resorts, theme parks, housing and more by collecting taxes and providing emergency services and infrastructure. On Friday (April 22), DeSantis signed legislation to end this status, in what is reported to be part of a drive to punish the company for speaking out against a law that bans the discussion of sexual orientation or gender identity for children in classrooms.
The legislation has however left US$578m in tax credits that Disney can use to reduce its state income taxes through 2040. A spokesperson for the governor said that DeSantis hasn’t asked the legislature to repeal the tax credits because “it’s not a carve-out for a specific corporation," meaning any company can apply for the incentives. A challenge against the tax credits could see Disney abandon plans to move its entire operation from California to Florida, with around 2,000 employees expected to make the move.
More from Bloomberg and Yahoo! Finance
Live
|
|
Storm surge: How Chimelong Spaceship’s award-winning and record-breaking Bermuda Storm was brought to life
|
