U.S. News
Disney says Florida can’t dissolve park’s special tax status
WHAT YOU NEED TO KNOW:
- Disney is ready to fight back against dissolving its special tax status.
- The company said the special district that governs Walt Disney World has a provision that could prohibit such a move.
- It turned out, that Florida Gov. Ron DeSantis’s attempt to dissolve the district is illegal unless he produces $1 billion first.
Disney says Florida cannot dissolve the special taxing district that allows its theme park to oversee its property as a quasi-governmental agency since it said it would protect bondholders.
The Reedy Creek Improvement District, the special taxing district run by Disney, made the argument in a statement to the Municipal Securities Rulemaking Board on April 21.
Disney said in the statement that the Reedy Creek Act should not be altered unless all debts are paid off.
The pledge says it “will not in any way impair the rights or remedies of the holders, and that it will not modify in any way the exemption from taxation provided in the Reedy Creek Act, until all such bonds together with interest thereon, and all costs and expenses in connection with any act or proceeding by or on behalf of such holders, are fully met and discharged.”
The district added that it will keep on “exploring its options while continuing its present operations” in light of the pledge in the act.
It is not clear what should happen to its debts if the bill dissolves RCID. Another state statute, however, outlines that Orange and Osceola counties would assume the district’s debt along with the rest of its assets.
Florida Gov. Ron DeSantis has been in a feud with Disney after the company announced it’s against the so-called “Don’t say gay” law. The Republican leader has promised to strip Disney of its self-government power, and the state legislature has approved a DeSantis-backed bill to do exactly that.
The governor has insisted that Florida taxpayers will not get stuck paying the $1 billion in bond debt that would come with the dissolving of the special district.
Under the law creating the special district, Disney pays for all the district’s municipal services and can build and provide these services without asking permission from the county government.
Source: The Hill
Sean Richman
April 30, 2022 at 6:56 pm
Disney may fight back but their reputation now sucks.Isn’t it about time that someone sticks up for the PATRIOTIC AMERICANS instead of the leftists and democRATS that are intent on destroying AMERICA.I am eighty years old and have never seen such disloyalty to our country,shame on you anti AMERICAN entities.
Donald
April 30, 2022 at 8:37 pm
👍👍👍
Martiemae
May 2, 2022 at 11:33 am
Sean, I am with you. It is outrageous!
Donald
April 30, 2022 at 8:35 pm
Apparently Disney is now run by homosexuals!!! Walt would be ashamed!!!
David Ballard
April 30, 2022 at 8:52 pm
Disney will fight this tooth and nail. This change could easily sink Disney’s battleship.
Carson Lauffer
April 30, 2022 at 9:19 pm
If Disney had continued in a nonsectarian political manner there would be little question. But its present leadership decided to get involved in a pro-grooming movement in a purely political way. Now they must pay for their actions. Their blunder revealed their secret grooming behavior. They certainly must pay for their evil. It reminds me of how the Feds ended the Al Capone crime syndicate through the discovery of tax evasion. Now Disney will be investigated for child abuse through its attempt not to pay taxes. Good.
JD
April 30, 2022 at 10:34 pm
In the simplest of terms, Disney is full of crap. It thinks it has more power than the state it is in? They will twist the law to say what they want and will lose. And lose big.
The Crunchbird
May 1, 2022 at 12:25 am
We don’t need perverts to indoctrinate American children. These people are sexual deviants. To back up that statement, in all of nature from animals to humans there are males and females. The males fertilize the females eggs. Homosexuals of course do not reproduce. They deviate from the sexual norm. As such they are sexual deviants. Gays cannot help the way they were born and I am not against them but they have no right to indoctrinate children. Doing so is worse than evil.
lynfordd
May 1, 2022 at 6:49 am
FL taxpayers need to demand along with the governor. The place is not except from anything in FL law . Or they have no right away of entry from FL ground to pass in to it. Than bulldoze the swamp! The bonds was a investment some times you make money sometimes you don’t. This sex operation was a bad investment!
Ox
May 1, 2022 at 8:59 am
Best way to handle this issue is for an all out boycott of Disney. Disney should stick to the entertainment business, and not stick it’s nose where it doesn’t belong. Woke Disney wasn’t created to shove the gay agenda down the kids throats. If that’s they way they want to go, then at vacation time, the parents can spend their hard earned money at another vacation spot.
Kevin
May 1, 2022 at 9:58 am
Disney has Seen the Last of Me and my family… They will never and I repeat never get another red Cent from us… the Florida legislature should introduce a bill… The ” don’t say Disney”
Darryl
May 1, 2022 at 11:44 am
What the state giveth, the state can taketh away.
MickJT
May 1, 2022 at 8:58 pm
Easy Peasy, block all the roads leading to Disney’s Pervert Park…’We’re working on the roads and utilities, date of completion, to be determined.
Then if they whine, cut off their Electricity…for Safety.
george
May 4, 2022 at 2:40 am
mickey can go pound sand up his little rat butt.