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Disney could receive a nearly $580 million state tax break for its new Florida campus

The company is asking 2,000 employees from its California operations to move across the country.

ORLANDO, Fla. — Editor's Note: The video in the player above is from Disney's decision to have all salaried and non-union hourly employees be vaccinated against COVID-19.

It looks like The Walt Disney Company's plan to build a new regional campus in the Sunshine State will be beneficial to the company in more ways than one.

Documents obtained by 10 Tampa Bay from the Florida Department of Economic Opportunity show, over a 20-year period, Disney could get a tax credit of $578 million from the state for the project. The Orlando Sentinel was the first to report the discovery.

Disney first filed to take advantage of  Florida's "Capital Investment Tax Credit," a benefit made available to businesses in a high-impact sector, in December of 2019.

"Incentive opportunities will be an integral part of the overall decision in determining the location for this project," Disney wrote in the application for its new regional campus.

RELATED: Disney moving 2,000 employees from California to work at new Central Florida regional campus

The company also pulled back the curtain in the application, revealing additional details about the project's size, cost and plan.

According to documents, the 300,000 to 400,000 square foot campus would help bring Dinsey into the "21st century" and comes with a price tag reaching up to $990 million to build.

The project is anticipated to start in December 2024 and comes with a total capital investment of $864 million.

In Feb. 2020, the DEO certified Disney to be eligible to receive the tax credit in connection with the Lake Nona campus as long as it makes good on its promise to hire 100 new-to-Florida, full-time jobs that pay at least $120,000 a year.

Disney must also deliver annual progress reports beginning in 2025 to ensure it is meeting the percentage parameters put in place to determine how much of a tax credit it gets annually.

RELATED: Walt Disney Company requiring all salaried, non-union hourly employees to be fully vaccinated

The Walt Disney Company first announced it was picking up and moving 2,000 employees across the country from California to Lake Nona in July.

In a letter to cast members, Imagineers and employees, Disney Parks Experiences and Products Chairman Josh D'Amaro said the project has been in various stages of planning since 2019.

"This new project will create a dynamic environment to support our expanding business -- a brand-new regional campus which will be built in the vibrant Lake Nona community of Orlando, Florida," he added.

D'Amaro also said expanding Disney's footprint in Florida "makes sense" given the climate, collaborative efforts, and lack of state income tax.

Most employees making the move will be Southern Californa-based DPEP professional roles, corporate roles and other select "enterprise functions," according to the chairman.

The relocation process is slated to take place during an 18-month window to allow employees to prepare for a big change to both their life and their family's lives.

RELATED: Disney looks to harness the power of the Sunshine State with new solar facility