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Credit: LakeNona.com

Disney May Get Half a Billion Dollars in Tax Breaks For Relocating to Lake Nona

We previously shared the news that the The Walt Disney Company has confirmed they are relocating 2,000 Cast Members from California to Florida. As the company continues to grow, Disney has evaluated their current location on the west coast and made the decision to shift home base to the east coast to a popular Florida town called Lake Nona. We’re now learning this move may result in a massive state tax break for the company.

Credit: The Walt Disney Company

As reported by OrlandoSentinel: “Disney could get more than half a billion dollars in state tax breaks for building a regional hub in Orlando’s Lake Nona community 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 in the documents shows Disney could claim more than $570 million in tax breaks over 20 years for the project. Disney is eligible for the money under the state’s Capital Investment Tax Credit program, for which it was approved in February 2020.”

Credit: LakeNona.com

Disney issued a statement Wednesday night (July 21): “Like other companies, we are utilizing an existing incentive offered by the state of Florida in the development of the new regional hub where we will be bringing more than 2,000 professional roles to Central Florida and making a sizable investment in this community where we have a long-standing presence and commitment.”

While we have yet to learn of an address for Disney’s Lake Nona campus, we do know that it is expected to be 300,000 to 400,000 square feet according to Disney’s application. The application also reads, “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.”

To read the full story, visit OrlandoSentinel.com.

About Mike and Jamie Sylvester

We are Disney nerds. Two kids at heart who love the magic and the memories of Walt Disney World! We follow all things Disney and have great experiences with Disney Vacation Club and RunDisney events in particular. We enjoy the vacations, day trips, weekend getaways and geek out over the planning of such events. From lodging to dining to Fastpasses we have a spreadsheet for every occasion. Mike’s frivolous Disney goal is to acquire a magic band of every style while Jamie’s goal is to experience as many Disney desserts as possible. Usually there isn’t a day that passes without some discussion of the master plan of our next trip to the happiest place on earth. Most people think we’re normal – until they travel to Disney with us. We have been married for 16 years and are blessed with a daughter and a son who have already learned the importance of planning ahead! As a family we thoroughly enjoy the magic and the memories at Walt Disney World and are here to help others experience the magic as well.