Disney could get more than $500 million in state tax breaks for new Lake Nona regional hub

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Disney could get more than half a billion dollars in state tax incentives for the regional hub in Lake Nona where it plans to relocate more than 2,000 employees, documents show.

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Disney could get more than $500 million in state tax breaks for new Lake Nona regional hub

By AUSTIN FULLER

ORLANDO SENTINEL |

JUL 21, 2021 AT 1:44 PM

 

Disney could get more than half a billion dollars in state tax breaks for building a regional hub in Lake Nona where it plans to put more than 2,000 employees moving from California, documents show.

Disney’s capital investment for the project could be as much as $864 million, according to company projections made in documents released to the Orlando Sentinel on Wednesday from the state’s Department of Economic Opportunity.

An estimate shows Disney could claim more than $570 million in tax breaks over 20 years for the project, the documents say.

The company is eligible for the money under the state’s Capital Investment Tax Credit program, for which it was approved in February 2020, according to Christina Pushaw, press secretary for the governor.

Disney revealed last week it is planning to move more than 2,000 Disney Parks, Experiences and Products positions from California to a new campus in Orlando. The average wage for the positions is $120,000 annually.

Neither Disney nor the state revealed specifics on the tax incentives for the project until DEO responded to a public records request from the Orlando Sentinel on Wednesday.

The campus is expected to be about 300,000 to 400,000 square feet, Disney’s application shows.

“Taxpayer intends to establish a regional campus that will take this international enterprise into the 21st century with a state-of-the-art modern overhaul of the operational software systems that helps drive the success for this company to create an efficient management system,” the application states.

The Orlando Sentinel previously reported Universal Orlando is in line for nearly $350 million in state tax breaks to build a new headquarters for a division that designs its theme parks, rides and hotels.

Representatives for Disney could not be immediately reached for comment.