Florida taxpayers could face a $1 billion Disney debt bomb if its special district status is revoked

[justoneman]

And you know, I was joking around about "surrounded by Illinois".

There's a beautiful majesty to those farm fields, with some decent salt-of-the-earth people making a living with their hands off the good earth.

There's few I respect more than a farmer:

Haha. I know. You're a good egg.

Dan Fogelberg. I forgot about him. I had that 8 track tape, back in the day.

 

[dobieg]

And dobie....learn to understand them yourself....




52-wk high 189.22
52-wk low 121.28

You just acknowledged in the previous post Disney hit $200 and ten seconds later you double down it never reached that.

perhaps some more help.

• The all-time high Disney stock closing price was 201.91 on March 08, 2021.

Disney - 60 Year Stock Price History | DIS

Historical daily share price chart and data for Disney since 1962 adjusted for splits. The latest closing stock price for Disney as of April 21, 2022 is <strong>121.66</strong>. <ul style='margin-top:10px;'> <li>The all-time high Disney stock closing price was...

www.macrotrends.net

 

[ClaraD]

You just acknowledged in the previous post Disney hit $200 and ten seconds later you double down it never reached that.

perhaps some more help.

For less than a single day. It was there for hours. Not even long enough to register a 52 week high Overall Disney stock is up 6% yet you want to insinuate this incident sent their stock into a tailspin

 

[cpwill]

Um, it's likely that much of Disney votes Republican...especially if the work under the Fox conglomerate that is OWNED by Disney

.....do you allow your vote to be determined by the person the CEO of your company is voting for?

 

[ClaraD]

.....do you allow your vote to be determined by the person the CEO of your company is voting for?

I might if my taxes end up increasing because the governor is having a tantrum....or if I get laid off due to that same tantrum....ie emergency services working for Disney

 

[Puigb]

Since I live in flori-duh with the greatest governor EVER the story gets covered more here and I don't even watch local news, it's the national and cable news covering the story and it was explained quite well the other day with the same conclusion. Orange and Osceola counties, you're ****ed. I live in one of the next counties over from orange.

I'll trust my local news like the orlando sentinel to keep me informed.

It will get tied up and courts and ultimately nothing will be changed.

DeSantis is known for engaging in culture wars and signing useless bills and executive orders that ultimately go nowhere. But the main goal is achieved...which is to look "tough" to his and the GOP's idiot base. the final results don't actually matter. It's symbolic culture war nonsense.

 

[Jason Warfield]

Who says you can't?


Disney has always had the option to move to a different state. Fine. If they think it's worth it to their bottom line, they will move. Do you seriously think they care about workers? LOL!!

But it's doubtful shutting down in Florida and starting all over in some other state is worth it to their bottom line.

You are actually right that they won't leave the state...they will charge more...which means local tourism will charge more...which means local retailers will charge more...which means that less people will come to Florida.

Not just Disney...Florida.

The lynchpin of Florida's government funding is based on sales taxes (which makes up 75% of all taxes) which comes from the local governments as there is no state income tax. When central Florida starts to lose revenue, the state loses revenue. The state will then turn to agriculture sales to pick up the slack by increasing sales taxes on oranges...which means businesses will start to look elsewhere for their food needs.

In the end, the entire state will be burden with the cost one way or another. Meanwhile, Disney will take advantage of federal loopholes created over the years since Bush to actually not pay.

And no, you cannot tax an individual business. The rules that govern corporate taxation are such that it is basically impossible to do so legally. The exception to that is on the federal level where Congress could impose special taxes for specific needs...a concept that last time I checked, folks like you don't like that and have called it a form of socialism.

So, if you want to tax Disney specifically, then you are a socialist.

 

[Puigb]

DeSantis is up for election this November and the convention wisdom has him running for the WH in 2024. Why would he risk torpedoing his chances by taking on a battle he doesn’t think he can win? Is it possible Ron has looked a few moves ahead or is this just an arrogant move taken without thinking this through? I don’t think he is dumb. The measure passed bothe chambers in short order. IIRC, DeSantis won the governor‘s mansion by less than 35k votes. Smart or reckless move?

Smart when you consider ultimately nothing will actually get done. It will get tied up in courts...and nothing will come from it. DeSantis is known for this. It's all about appearing "tough" to get the rubes and idiots who support him to the polls. The actual results don't matter, it's all about appearances.

 

[HangLow]

Well this seems well thought out. The best part of basing your governance entirely on culture war is that it never, ever matters how badly you mess up. You could set the entire state on fire, and so long as a transexual kid is banned from her high school soccer team, it was totally worth it.

A repeal of Disney’s self-government status in Florida could leave local taxpayers with more than $1 billion in bond debt, according to tax officials and legislators.

The Florida House of Representatives on Thursday passed a bill that would dissolve Disney’s special improvement district, escalating Gov. Ron DeSantis’ attack on the company over its opposition to Florida’s Parental Rights in Education bill, dubbed by critics the “Don’t Say Gay” bill.

If the special district is dissolved, Orange and Osceola counties would have to provide the local services currently provided by Reedy Creek. And, the $105 million in revenue would disappear, meaning county and local taxpayers would be on the hook for part or all of the added costs.

“If you dissolved Reedy Creek, that $105 million in revenue literally goes away, it doesn’t get transferred,” Randolph said.

The reason: Reedy Creek is what’s known as an “independent tax district” meaning the tax revenues it generates are in addition to its local tax obligations, rather than a replacement of them. If the district is eliminated, the tax payments to Orange and Osceola counties would not increase, Randolph said.

But legislators and tax experts warn the bill creates an even larger potential problem for taxpayers in the form of bonds totaling more than $1 billion.

Reedy Creek has bond liabilities of between $1 billion and $1.7 billion, according to the district’s financial filings. Under Florida statute, if Reedy Creek is dissolved, those liabilities are transferred to the local governments — either Bay Lake or Lake Buena Vista, or more likely, Orange and Osceola counties.

Florida taxpayers could face a $1 billion Disney debt bomb if its special district status is revoked

The Florida legislature on Thursday cleared a bill that would dissolve Disney's special improvement district, effective June 2023.

www.cnbc.com

​

 

[TomFitz]

he will be more popular with the Deplorables. hell, some of them died during COVID just to prove the libs were wrong.

there is no bottom for the current Republican party.

No, there doesn’t seem to be.

Biting the hand that feeds you to pander to flat earthers isn’t good politics in the long run, nor is it good business.

 

[TomFitz]

Smart when you consider ultimately nothing will actually get done. It will get tied up in courts...and nothing will come from it. DeSantis is known for this. It's all about appearing "tough" to get the rubes and idiots who support him to the polls. The actual results don't matter, it's all about appearances.

That was the Trump approach. Both of them know that the knuckle draggers don’t pay attention to results, as long as they are pandered to and entertained.

 

[Puigb]

That was the Trump approach. Both of them know that the knuckle draggers don’t pay attention to results, as long as they are pandered to and entertained.

Fake Culture wars and manufactured narratives are all the GOP has. What else can they run on? Tax cuts for the rich?

 

[bongsaway]

It will get tied up and courts and ultimately nothing will be changed.

DeSantis is known for engaging in culture wars and signing useless bills and executive orders that ultimately go nowhere. But the main goal is achieved...which is to look "tough" to his and the GOP's idiot base. the final results don't actually matter. It's symbolic culture war nonsense.

While he's looking tough to the trumpsters, he's looking insanely like trump to the rest of us.

 

[bomberfox]

View attachment 67386799​

DeathSantis will rue the day he messed with Mickey.

 

[Rawley]

What makes you think they understand? Some say if the Bill passes the public could get left holding the bag.

Have you read the opinion of tax experts? What they state makes sense. The tax law experts are stating pretty much the opposite of the State Rep who wrote the Bill says. Seems the sponsor of the Bill and tax experts disagree with what happens if the "district" is dissolved.

Makes me wonder if anyone ran the Bill by any tax attorneys before presenting the Bill for a vote.

Funny how the special district Reedy Creek has been around since 1967. Republicans have been in charge for many years in Florida. So why now do they want to delete the District?

- " Republican sponsors were unable to give detailed answers to questions about financial and legal implications of the legislation during floor discussions Thursday. "
-""Somebody is still going to have to pay for the bonds that were purchased in order to build that infrastructure. A lot of roadways. Someone is going to have to do those building inspections. It'll take a lot of those inspectors with a lot of expertise," he said. "Someone is going to have to pay for that. If that burden falls on taxpayers, that's not going to look good for Gov. Desantis. This is going to look like folly."

Why Disney has its own government in Florida and what happens if that goes away | CNN

Here's a look at the history of Reedy Creek, why it has become a focus in a special legislative session, and what removing its special status would mean for Disney and for Florida taxpayers.

www.cnn.com

Yup - loon media are finding "tax experts" to say DeSantis and Reublicans are evil and stooopid. You guys are a hoot.

 

[mike2810]

Yup - loon media are finding "tax experts" to say DeSantis and Reublicans are evil and stooopid. You guys are a hoot.

As a Republican I find your attempt at humor to be pretty lame.

Do you have anything to show that the tax experts are wrong?

 

[Mina]

Well this seems well thought out. The best part of basing your governance entirely on culture war is that it never, ever matters how badly you mess up. You could set the entire state on fire, and so long as a transexual kid is banned from her high school soccer team, it was totally worth it.

A repeal of Disney’s self-government status in Florida could leave local taxpayers with more than $1 billion in bond debt, according to tax officials and legislators.

The Florida House of Representatives on Thursday passed a bill that would dissolve Disney’s special improvement district, escalating Gov. Ron DeSantis’ attack on the company over its opposition to Florida’s Parental Rights in Education bill, dubbed by critics the “Don’t Say Gay” bill.

If the special district is dissolved, Orange and Osceola counties would have to provide the local services currently provided by Reedy Creek. And, the $105 million in revenue would disappear, meaning county and local taxpayers would be on the hook for part or all of the added costs.

“If you dissolved Reedy Creek, that $105 million in revenue literally goes away, it doesn’t get transferred,” Randolph said.

The reason: Reedy Creek is what’s known as an “independent tax district” meaning the tax revenues it generates are in addition to its local tax obligations, rather than a replacement of them. If the district is eliminated, the tax payments to Orange and Osceola counties would not increase, Randolph said.

But legislators and tax experts warn the bill creates an even larger potential problem for taxpayers in the form of bonds totaling more than $1 billion.

Reedy Creek has bond liabilities of between $1 billion and $1.7 billion, according to the district’s financial filings. Under Florida statute, if Reedy Creek is dissolved, those liabilities are transferred to the local governments — either Bay Lake or Lake Buena Vista, or more likely, Orange and Osceola counties.

Florida taxpayers could face a $1 billion Disney debt bomb if its special district status is revoked

The Florida legislature on Thursday cleared a bill that would dissolve Disney's special improvement district, effective June 2023.

www.cnbc.com

This is some deeply self-destructive posturing from the Republicans. But, more interesting to me, it really blows up the recent attempts by the party to frame themselves as free-speech advocates (as they've tried to do in opposition to Twitter and Facebook working to host less disinformation on their platforms). What we're talking about here is not private companies tailoring their content as part of a business model. We're talking about the government using its power to punish those who dare speak out against policies they dislike. Disney's leaders were vocal about not liking the so-called "Don't Say Gay" bill, and now DeSantis and his alt-right Republicans are trying to figure out ways to cause them a lot of economic harm for that, so that in the future people will be too afraid to engage in varieties of political speech that the Republicans would prefer were kept silent.

 

[Rawley]

As a Republican I find your attempt at humor to be pretty lame.

Do you have anything to show that the tax experts are wrong?

It ain't rocket science, Disney will continue to pay the service on the Bonds they floated.

 

[mike2810]

It ain't rocket science, Disney will continue to pay the service on the Bonds they floated.

Did you learn that from Trump U? So you got a link or not?

Sorry, The bonds were floated by the District that is being dissolved. The Bonds become the responsibility of the county. The county could try and set up a new District.

Bonds are only part of the problem the Bill is creating. There are also taxes. It has reported that Disney has been paying the District at a higher rate. With the District being disolved, Disney would have a lower tax rate.

 

[Rawley]

As a Republican I find your attempt at humor to be pretty lame.

SO why are you quoting partisan Democrat politicians criticizing the Governor and Republicans?

Do you have anything to show that the tax experts are wrong?

Common sense. Why wouldn't Disney continue to service the bond debt?

 

[Rawley]

Did you learn that from Trump U? So you got a link or not?

Sorry, The bonds were floated by the District that is being dissolved. The Bonds become the responsibility of the county. The county could try and set up a new District.

Why? Tax Disney to cover the service on the debt. I don't know why you are trying to make this so complicated.

Bonds are only part of the problem the Bill is creating. There are also taxes. It has reported that Disney has been paying the District at a higher rate. With the District being disolved, Disney would have a lower tax rate.

So the tax rate gets changed. They are the government - they can do that. This ain't rocket science.

 

[mike2810]

SO why are you quoting partisan Democrat politicians criticizing the Governor and Republicans?



Common sense. Why wouldn't Disney continue to service the bond debt?

Still no link.
Why do you answer questions with questions?

Prove what was quoted is not true.

 

[mike2810]

Why? Tax Disney to cover the service on the debt. I don't know why you are trying to make this so complicated.



So the tax rate gets changed. They are the government - they can do that. This ain't rocket science.

Show where in the Florida law they can tax a specific company a different rate without forming a new district.

Yep, the new tax rate is less than what is needed to fund police, fire, utilities for Disney. How is the county going to cover the cost?

 

[Rawley]

Show where in the Florida law they can tax a specific company a different rate without forming a new district.

Yep, the new tax rate is less than what is needed to fund police, fire, utilities for Disney. How is the county going to cover the cost?

Property taxes. On the parcels that included the improvements for which the bonds were floated. Why are you trying to make this rocket science?

 

[mike2810]

Property taxes. On the parcels that included the improvements for which the bonds were floated. Why are you trying to make this rocket science?

I suggest you do not understand the issue.

Hint 1 - Disney pays county property tax.
Hint 2 - Disney (Reedy Creek District) pays additional tax to itself for services.

The tax revenue from the District will be lost.
Show me where in the Bill the revenue from the District will be made up or covered.

it is not as you say "rocket science". It is a Bill that was not vetted in its possible implication to tax payers.