Tax Disadvantages: Legal Dispute: Florida Republicans Increase Pressure on Disney – Disney Stock in Red | news

—The state House of Representatives voted Thursday for a bill that could have tax disadvantages for Walt Disney. The text must now be submitted to Republican Governor Ron DeSantis for signature.

The background is a law that opponents call “Don’t Say Gay”. Among other things, it prohibits the topics “sexual orientation or gender identity” from kindergarten to third grade in the classroom. Disney had spoken out against this regulation.

The English abbreviation LGBTQI stands for lesbian, gay, bisexual, trans people, queer and intersex people. Florida’s new law has sparked outrage far beyond the state. Republican DeSantis signed the bill into law in late March. At the time, Disney opposed this in no uncertain terms, stating that the law should never have come into force. DeSantis and his Republicans in Florida then attacked Disney and defended the law.

Disney is a huge employer in the US state. The Walt Disney World Resort theme park near Orlando is a tourist magnet. The entertainment giant, headquartered in the US state of California, had been given special status with extensive self-government in Florida in the 1960s. The draft law, which has now been passed with a majority of Republicans, could result in Disney losing this special status.

“Disney tried to import California assets to Florida,” Republican Congressman Randy Fine told CNN on Wednesday. California is considered a particularly liberal state. Disney is a guest in Florida. “If you want special privileges, you better behave yourself,” Fine said. US President Joe Biden’s deputy spokeswoman Karine Jean-Pierre criticized Republicans in Florida. “We are opposed to the governor taking action against a company for speaking out against the law.”

On the NASDAQ, Disney shares temporarily lost 2.3 percent to $121.70.

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