Lower taxes make the Sunshine State more attractive to companies than many blue states, says Jimmy Patronis, Florida’s chief financial officer.
Florida welcomes Disney’s opportunity to further expand its operations to the State of the Sun.
“Disney already has a proven track record here,” Florida Chief Financial Officer Jimmy Patronis told Fox & Friends First on Wednesday. “We just like to allow them to grow and expand their business.”
His comments come at a time when Disney is considering transferring some of its operations from California, where they are struggling to reopen their theme parks, to Florida.
DISNEY MAY RELOCATE SOME CALIFORNIA OPERATIONS TO FLORIDA
The potential change makes Disney the latest in an increasing number of companies that are considering moving some or all of their operations outside California, which has some of the nation’s most stringent blocking measures.
Patronis believes that one of the reasons companies are leaving California is the leadership of Governor Gavin Newsom.
“Gavin Newsom doesn’t respond. Companies are fleeing their state, ”said Patronis.
While it is not clear which specific divisions or how many people could be part of any kind of change, there are logistical challenges for exporting some California operations. For example, some TV shows and movies were shot at Disney’s Orlando facilities, but most of the studio’s production operations are on its 51-acre lot in Burbank to facilitate the use of the Hollywood film community.
Patronis continued to applaud companies like Disney for moving elsewhere, especially after dealing with hostile tax rates. California has the highest income tax rate in the country, at 13.3%.
“Eventually, when you are not appreciated, I hope it will be 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 solid financial record.
“We have a very good FICO credit score,” he said.
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Patronis also pointed out that Florida is a safe place to develop a business.
“In addition,” he said, “49 consecutive years of falling violent crime rates.”
Daniella Genovese, FOX Business, contributed to this report.