Disney loses special tax status in Florida
The Walt Disney Company’s special tax status will be removed after a bill was passed by the Florida State Government, due to the company denouncing the “Don’t Say Gay” bill.
The Republican-led state voted 70 – 38 to remove the 1967 Reedy Creek Improvement Act, a bill that allows Disney to self-govern in Orlando where the Disney World theme park is located. The bill was sought after by Disney during the initial stages of building their theme park and was made to help bring more tourists to the state. This allowed Disney to form its own government and was a partnership between Disney and Florida.
Changes to the bill will impact Disney’s finances and taxes as the bill gave the company relief from taxes and fees. These changes will also give $1 billion bond debt to the taxpayers once the bill has passed.
Governor Ron DeSantis has agreed to sign new changes to the bill, stating that they are considering terminating all special districts in Florida before 1968.
“I am announcing today that we are expanding the call of what they are going to be considering this week. Yes, they will be considering the congressional map, but they also will be considering termination of all special districts that were enacted in Florida prior to 1968, and that includes the Reedy Creek Improvement District.”
“I am announcing today that we are expanding the call of what they are going to be considering this week. Yes, they will be considering the congressional map, but they also will be considering termination of all special districts that were enacted in Florida prior to 1968, and that includes the Reedy Creek Improvement District.”
These changes to the bill were made after Disney denounced the ‘Don’t Say Gay’ bill that was passed back in March 2022. This was due to multiple staff walkouts after Disney’s CEO Bob Chapek’s mishandling of his response to the bill. Governor DeSantis has stated in a supporter email that Disney has picked a fight with the wrong guy.
“If Disney wants to pick a fight, they chose the wrong guy. I will not allow a woke corporation based in California to run our state.”
The new legislation is now headed to DeSantis. Once signed, the bill will take effect on June 1, 2023.