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Lower taxes make the Sunshine State more attractive to businesses than many blue states, says Jimmy Patronis, Florida chief financial officer.
Florida welcomes the opportunity for Disney to further expand its operations in the Sunshine State.
“Disney has a proven track record here,” Florida CFO Jimmy Patronis told Fox & Friends First on Wednesday. “We just like to allow them to grow and expand their business.”
His comments come as Disney plans to move some of its businesses from California, where they are struggling to reopen their theme parks, to Florida.
DISNEY MAY MOVE CERTAIN OPERATIONS FROM CALIFORNIA TO FLORIDA
The potential move makes Disney the latest of a growing number of companies considering moving some or all of their operations out of California, which has some of the country’s toughest lockdowns.
Patronis believes that one of the reasons companies are leaving California is the leadership of Governor Gavin Newsom.
“Gavin Newsom is not responding. Businesses are fleeing his condition, ”Patronis said.
While it is unclear which specific divisions or how many people could be involved in any type of move, there are logistical challenges for exporting certain operations from California. For example, some TV shows and movies have been shot at Disney’s facilities in Orlando, but the bulk of its studio production operations are on its 51-acre lot in Burbank for easy use by the Hollywood film community.
Patronis went on to praise companies like Disney for moving elsewhere, especially after facing unfavorable tax rates. California has the highest income tax rate in the country at 13.3%.
“Finally, when you’re not liked, I hope that’s enough,” he said.
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Low taxes are not the only attraction. Disney would also have the luxury of working in a state with a strong financial record.
“We have a very good FICO credit rating,” he says.
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Patronis also pointed out that Florida is a safe place to develop a business.
“On top of that,” he said, “49 consecutive years of declining violent crime rates.”
Daniella Genovese of FOX Business contributed to this report.
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