Florida lawmakers are reportedly working to reverse a law stripping Disney of its special tax status in the state, The Financial Times reports, after a feud between Gov. Ron DeSantis and Bob Chapek, the company's former C.E.O.

If passed, that new legislation would undo much of the fallout from what critics call the "Don't Say Gay" bill that had made the entertainment giant a target of conservative critics. And it would be a quick victory for Disney's newly returned chief, Robert A. Iger.

Legislators are expected to largely restore Disney's special tax benefits. The bill that was signed into law in April ended a 55-year arrangement under which Disney had effectively formed its own government for the 25,000-acre area around its Orlando theme parks, letting the company tax itself to fund services like water, power and firefighting.

Florida policymakers moved to end that deal after Mr. Chapek publicly opposed a state law that barred teaching young public school children about sexual orientation and gender identity. Mr. DeSantis in particular criticized Disney and Mr. Chapek as "woke" and raised money for his re-election campaign against the issue. (The law doesn't take effect until next year.)