The Florida state legislature approved a bill Thursday that will grant the state's tourism board oversight powers toward Walt Disney World. 

The board, originally appointed by Gov. Ron DeSantis, will now have the legal authority to cancel agreements made with the park, as well as those made in the last three months.

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The bill is next headed to DeSantis's desk and is expected to be signed into law in the coming days.

Invested with its new powers, the Central Florida Tourism Oversight District Board will be able to kibosh an agreement between Disney World and the Reedy Creek Improvement District that gave the company extensive autonomy over park grounds.

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Walt Disney Parks and Resorts U.S., Inc., filed a complaint in the U.S. District Court for the Northern District of Florida on April 26, alleging DeSantis orchestrated a "targeted campaign of government retaliation" against the company that violates Disney's free speech rights. 

The lawsuit came after a board appointed by DeSantis to govern the Central Florida Tourism Oversight District — which houses the Walt Disney World resort — voted to nullify two development contracts Disney signed in February. 

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The Florida governor dismissed Disney's lawsuit against him, calling it politically motivated and saying it is not "pro-business" to let one company get favorable treatment from the government.

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FOX Business' Chris Pandolfo contributed to this report.