Disney may get $ 570 million in tax deductions on the new campus

Orlando (AP)

Walt Disney Co. has benefited from more than $ 500 million in tax cuts to build a new regional campus in Florida and has at least 2,000 professional employees from Southern California to engage in digital technology and finance. Promises to hire. And product development.

The company could claim more than $ 570 million in tax deductions for the project over a 20-year period, according to a document obtained Wednesday through a request for public records by Orlando Sentinel from the State Department. Of financial opportunity.

The document states that Disney’s capital investment in this project could be as high as $ 864 million. The company already has a theme park resort in central Florida, the size of San Francisco.

Disney is eligible for money under the state’s capital investment tax credit program approved in February 2020, Florida Governor Ron DeSantis spokesman Christina Pushau told the newspaper.

In a statement to Sentinel, Disney is taking advantage of the state’s incentive program, “We are making a significant investment in this community, which we have a long-standing presence and commitment.” Said.

However, Greg LeRoy, executive director of Good Jobs First, a nonpartisan research center on incentives, called incentives “worse than zero-sum games.”

“We call this an interstate highway job scam,” Le Roy said. “After all, less income is available for public services.”

Florida’s Capital Investment Tax Credit Program allows companies to reduce their corporate income tax by receiving annual credits based on eligible cost of capital from a particular project. These costs include project acquisition, construction, installation and equipment.

The state has recently hung hundreds of millions of dollars in tax incentives for other businesses.

Universal Orlando is ready for about $ 350 million in state tax deductions to build a new headquarters for the departments that design theme parks, vehicles and hotels.

In 2006, biotechnology company Sanford Burnham received $ 300 million in state and local taxes to move to Orlando, but returned some of the money because it did not meet the requirements of the original incentive agreement. I had to. Three years ago, the Scripps Research Institute received $ 600 million in state and local taxes to set up in Palm Beach County.

Disney may get $ 570 million in tax deductions on the new campus

Source link Disney may get $ 570 million in tax deductions on the new campus

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