David Hood

Washington, D.C., United States

Senate Leadership Reporter at Bloomberg Government

ESG reporter for Bloomberg INDG. Think tilde—it's pronounced "NOON-yo." RTs ≠ endorsements, unless it’s about tacos. [email protected]

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Articles

Nike, Apple Tax ‘Shell Game’ Cost California Cities Millions

3 days ago | news.bloombergtax.com | Laura Mahoney |David Hood |Andrea Vittorio

New details showing California cities have given $831.6 million to an array of companies through decades-long tax-sharing deals are fodder for changes to the rules that give rise to them. The data, posted Monday by the California Department of Tax and Fee Administration, shows for the first time how much businesses have received in local taxes from cities where they have warehouses, offices, or headquarters.
DC Budget Slows Sales Tax Hike, Establishes Live Card-Gaming Tax

1 week ago | news.bloombergtax.com | David Hood

Washington, DC, Mayor Muriel Bowser (D) introduced a long-delayed fiscal 2026 budget including a host of tax changes meant to offset projected revenue losses resulting from widespread layoffs in the federal workforce that drives the city’s economy. The nearly $12 billion budget proposal, originally due in early April, seeks to raise revenue by canceling a previously planned child tax credit, modifying a planned sales-tax hike, and allowing card-gaming facilities.
North Carolina House Passes Budget Slowing Income Tax Drawdown

2 weeks ago | news.bloombergtax.com | David Hood

The North Carolina House of Representatives passed its two-year, roughly $66 billion two-year budget Thursday morning, teeing up a showdown with the state Senate over the speed and extent to which income taxes should be cut. Both the House and Senate versions of the budget bill (SB 257) suggest decreases in the state’s 42.5% personal income tax rate.
SALT Cap Bump to $40,000 in GOP Bill Would Benefit Few Taxpayers

2 weeks ago | news.bloombergtax.com | Andrea Vittorio |David Hood

House Republicans’ deal to raise the limit on how much state and local tax payments people can deduct from their federal income taxes won’t have as broad of an effect as lawmakers who negotiated it hope. Speaker Mike Johnson (R-La.) said Wednesday that members from New York, New Jersey, and California—high-tax states most susceptible to the SALT limit—agreed to an increase from the current $10,000 cap to $40,000 for taxpayers earning $500,000 or less annually.
Missouri Set to Exempt Capital Gains From State Income Taxes

1 month ago | news.bloombergtax.com | David Hood

Missouri is on track to become the the first US state to exempt stock-market investment gains from income taxes. A bill (HB 594) that passed the Missouri House of Representatives Wednesday and now heads to Gov. Mike Kehoe (R) would exempt stock earnings, known as capital gains, from personal income taxes. Capital gains typically come from selling stock shares at a higher price than bought, but also apply to trading cryptocurrency, or selling real estate.
Virginia Governor Cuts $900 Million in Budget to Blunt Tariffs

1 month ago | news.bloombergtax.com | David Hood

Virginia Gov. Glenn Youngkin (R) announced he cut about $900 million from the state’s amended 2024-2026 budget to “cushion” against short-term risks to state tax revenues from President Donald Trump’s spending cuts and tariffs. Youngkin late last week announced he was signing the amended biennial budget (HB 1600) passed by the General Assembly that includes $1 billion in tax relief, $1,000 bonuses for teachers, and 1.5% bonuses for state employees.
States Eye Income Tax Phaseouts to Draw, Keep Residents

1 month ago | news.bloomberglaw.com | David Hood

While several states are again cutting personal income taxes this year, two—Mississippi and Kentucky—are on paths to entirely phase out their individual income taxes, joining a small but growing trend. The two states are taking different approaches to reducing their income taxes to zero, but both efforts could have wide-ranging effects on their budgets and taxpayers alike, practitioners and analysts said.
States Eye Income Tax Phaseouts to Draw, Keep Residents

1 month ago | news.bloombergtax.com | David Hood

While several states are again cutting personal income taxes this year, two—Mississippi and Kentucky—are on paths to entirely phase out their individual income taxes, joining a small but growing trend. The two states are taking different approaches to reducing their income taxes to zero, but both efforts could have wide-ranging effects on their budgets and taxpayers alike, practitioners and analysts said.
States Weigh NIL Tax Breaks to Attract Top College Athletes

2 months ago | news.bloomberglaw.com | David Hood

This year’s Final Four in the men’s NCAA Basketball Tournament have more in common than being No. 1 seeds: Their home states either already give student athletes a tax break on earnings from endorsements and marketing tied to their personal brands, or are trying to enact one. Legislators in Duke’s home state of North Carolina and Auburn’s Alabama are floating bills that would partially or fully exempt student-athlete’s earnings from name, image, and likeness deals from income taxes.
States Weigh NIL Tax Breaks to Attract Top College Athletes

2 months ago | news.bloombergtax.com | David Hood

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