DeSantis About To Defuse $1.2 Billion Tax Bomb He Activated A Year Ago To Punish Disney

On Thursday, Florida Governor Ron DeSantis is expected to sign a bill that will defuse a $1.2 billion tax bomb he activated a year ago in an effort to punish The Walt Disney Company.

The saga began in June 2019 when DeSantis signed a bill that would have imposed a roughly $1.2 billion tax hike on Disney and other large companies with significant property holdings in the state. The measure was intended to punish Disney for its refusal to accept a $100 million tax break that the state had offered in exchange for a promise to invest in its Florida theme parks.

The tax hike was met with fierce opposition from Disney and other companies, who argued that it would put them at a competitive disadvantage. After months of negotiations, DeSantis and the Florida Legislature agreed to a compromise that would reduce the tax burden on Disney and other large companies while still generating the same amount of revenue for the state.

Under the new bill, companies will be taxed on the value of their real estate holdings, but the rate will be lower than what DeSantis initially proposed. The bill also includes provisions that will allow companies to pay the tax over a longer period of time and to deduct some of their expenses from their taxable income.

The new bill is expected to be a win-win for both the state and companies like Disney. The state will still generate the same amount of revenue, while companies will have more time to adjust to the new tax burden.

The agreement shows that DeSantis is willing to compromise when it comes to the state’s finances. It also shows that he is willing to work with companies to find mutually beneficial solutions. The bill is expected to be signed into law on Thursday, and it will be a major victory for both the state and Disney.