Michigan HB4513 amends the state's income tax code to allow a deduction for income attributable to bitcoin mining at abandoned oil or gas wells.

Michigan HB4513 amends sections 30, 623, and 815 of the Michigan Compiled Laws to introduce a new tax deduction. Specifically, it allows taxpayers who participate in the bitcoin program to deduct income from bitcoin mining at abandoned oil or gas wells in the state. The bill defines "abandoned oil or gas well," "bitcoin mining," and "bitcoin program" according to the Natural Resources and Environmental Protection Act. This amendment aims to provide a tax incentive for activities related to bitcoin mining at specific locations within the state.

Michigan HB4513 amends the state's income tax code to allow a deduction for income attributable to bitcoin mining at abandoned oil or gas wells.

Michigan HB4513 amends sections 30, 623, and 815 of the Michigan Compiled Laws to introduce a new tax deduction. Specifically, it allows taxpayers who participate in the bitcoin program to deduct income from bitcoin mining at abandoned oil or gas wells in the state. The bill defines "abandoned oil or gas well," "bitcoin mining," and "bitcoin program" according to the Natural Resources and Environmental Protection Act. This amendment aims to provide a tax incentive for activities related to bitcoin mining at specific locations within the state.