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

New Jersey Final Rule Expands Scope of Corporate Income Tax

5 days ago | news.bloombergtax.com | David Hood

Tax officials in New Jersey decided to extend corporate income taxes to out-of-state companies that sell goods and services within the state, potentially setting the stage for a lawsuit from business interests. In a final rule effective Monday, the Garden State’s Department of Taxation said its tax is legal because it’s in line with other state tax rules that say New Jersey can tax other activities, products, and services.
Florida Lawmakers Ax Business Rent Tax, Expand Sales Tax Holiday

5 days ago | news.bloomberglaw.com | Michael Bologna |David Hood

Rent tax repeal gives firms $900 million in annual relief Bill sets permanent sales tax holiday for all of AugustFlorida lawmakers approved a budget for the coming year after months of bickering and blown deadlines, sending the measure to the desk of Gov. Ron DeSantis (R). Meeting late into the evening Monday, both the House and the Senate approved spending and tax bills implementing a $115.1 billion budget for fiscal year 2026, which starts July 1.
Florida Lawmakers Ax Business Rent Tax, Expand Sales Tax Holiday

5 days ago | news.bloombergtax.com | Michael Bologna |David Hood

Florida lawmakers approved a budget for the coming year after months of bickering and blown deadlines, sending the measure to the desk of Gov. Ron DeSantis (R). Meeting late into the evening Monday, both the House and the Senate approved spending and tax bills implementing a $115.1 billion budget for fiscal year 2026, which starts July 1. The tax bill, HB 7031, makes more than a dozen substantive changes to the tax code, including full repeal of the business rent tax beginning Oct. 1, 2025.
Maine Lawmakers Send Wealth Tax-Hike Measure to Governor’s Desk

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

Maine legislators approved a bill this week that would retool the state’s income tax brackets in an effort to raise taxes on the most-wealthy residents. The measure (H 649) reduces the number of income tax brackets to five from seven, and increases the tax rate on the top two brackets to 7.75% and 8.95%, to “bring fairness in income taxes to Maine families,” according to the bill’s title.
Nike, Apple Tax ‘Shell Game’ Cost California Cities Millions

2 weeks 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

3 weeks 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

1 month 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

1 month 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.