(Reuters) – Lawmakers in Florida are considering plans to reverse a move to strip Walt Disney (DIS.N) of its right to run private government around its famous theme parks. The Financial Times reported Friday, citing sources familiar with the matter. I explained my plan.
In April, Congress gave final approval to a bill ending Walt Disney’s designation as a municipality.
The new law also means Disney will have to pay more taxes, Gov. Ron DeSantis said when he signed the bill into law in April.read more
The FT reports that state legislators are working on a compromise that would allow Disney to keep the arrangement largely in place with a few changes.
A spokesperson for DeSantis’ office said the governor “will not make a U-turn,” but added that plans are underway and will be announced soon.
“We have a level playing field for Florida businesses, and the state certainly does not owe any one company a special favor. Disney’s debt will not fall on Florida taxpayers.”
The FT report added that Bob Iger’s return as CEO last month could pave the way for legal resolution.
The bill, signed by DeSantis this spring, removes the special jurisdiction that allowed the company to operate Walt Disney World Resort as its own city.
Disney had criticized Florida’s LGBTQ law called the “don’t say gay” bill by critics.
Disney did not respond to a request for comment.
Reported by Akanksha Khushi and Jahnavi Nidumolu, Bengaluru. Additional reporting by Leah Binoy. Edited by Dhanya Ann Thoppil and Shailesh Kuber
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