MI HB5847

Changes the inflation adjustment methodology for "adjusted personal income" by using the Detroit consumer price index for the same calendar year rather than the prior 12-month period ending 6 months before the year ends.

Requires at least 25% of the ending unassigned general fund balance be appropriated annually into the countercyclical budget and economic stabilization fund starting with fiscal year ending September 30, 2017.

Modifies fund withdrawal rules to allow legislature to appropriate no more than 25% of available fund balance when annual growth rate is estimated below 0%, with special provisions for consecutive negative growth years.

Increases the maximum fund balance cap from 10% to 15% of combined general fund-general purpose and school aid fund revenues, with excess amounts rebated to taxpayers through individual income tax returns.

Allows emergency appropriations from the fund with 2/3 majority legislative vote only after the standard 25% budget stabilization limit has been exhausted in the fiscal year.