HB 4513
Individual income tax: deductions; deduction for income attributable to bitcoin mining under the bitcoin program; provide for. Amends secs. 30, 623 & 815 of 1967 PA 281 (MCL 206.30 et seq.). TIE BAR WITH: HB 4512'25
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to allow Michigan taxpayers to deduct income attributable to bitcoin mining under the state’s Bitcoin program. It amends sections of the Michigan Income Tax Act to specifically include this income in taxable income, similar to how interest and dividends are currently treated. The bill also makes adjustments to existing deductions related to retirement benefits, charitable contributions, and education savings accounts, and includes provisions for deductions related to Holocaust victim assets and certain wagering losses. Finally, it introduces new deductions for first-time homebuyer savings accounts and income from bitcoin mining at abandoned oil and gas wells.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.