The Walt Disney Company expects to receive approximately $580 million in tax credits for moving about 2,000 jobs from California to Florida.
According to documents obtained by the Florida Department of Economic Opportunities, the Burbank-based giant has applied for and won an estimated $578 million in tax credits from Florida over the next 19 years. These exemptions are due to the construction and operation of a regional facility near Lake Nona to house nearly 2,000 workers.
The tax exemption request was submitted on December 26, 2019, and approved on February 10, 2020, according to documents seen by the Los Angeles Times, according to Al-German.
Disney announced a plan to move 2,000 California jobs to Florida last week. The company described Florida as having a “business-friendly climate” and said the new facility would help strengthen operations and enhance employee collaboration.
Disney said in a statement that it is “using the existing incentive provided by the State of Florida to develop the new regional center as we will bring more than 2,000 professional roles to Central Florida and make a significant investment in this community.”