The proposal could have huge tax implications for Disney, whose series of theme parks have over the decades transformed Orlando into one of the world's most popular tourist destinations.
And Democrats have warned that the move could cause local homeowners to get hit with big tax bills if they have to absorb bond debt from Disney - although such details are far from clear.
"By doing it this early, we have until next June or July to this put together, so we're actually giving ourselves more time to be thoughtful," Republican Senate President Wilton Simpson told reporters after the vote."I don't know how the end will come, but I know that this is a very worthy process that we're taking and I think whatever comes out of it will be better than what we have today.
Democrats, the minority party in the Legislature, have railed against the proposal as clear retaliation against a company that has been a major economic driver in the state.
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