MI HB4513

Creates a new income tax deduction for income earned from bitcoin mining at abandoned oil or gas wells in Michigan by participants in a state "bitcoin program"

Applies the deduction to individual income tax, corporate income tax, and flow-through entity tax by amending sections 30, 623, and 815 of the Income Tax Act of 1967

Makes minor technical updates throughout, including removing obsolete date references (such as "Beginning January 1, 2012" or "For tax years that begin after December 31, 2018") and updating statutory citation formats

Updates references to the federal Social Security Act from "chapter 531, 49 Stat 620" to "42 USC 301 to 1397mm" throughout pension-related provisions

Contingent on enactment of HB 4512, which would establish the bitcoin program for abandoned wells under the Natural Resources and Environmental Protection Act