MI HB4602

Amends the definition of "adjusted personal income" to exclude transfer payments and adjust for inflation using the Detroit consumer price index.

Modifies the budget stabilization fund transfer process by requiring the legislature to not appropriate funds when annual growth rate exceeds 0%, but allows up to 25% of prior year balance when growth rate is negative.

Establishes that fund balance cannot exceed 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 only after maximum regular appropriations are made, requiring a 2/3 majority vote in both legislative houses.

Repeals sections 353 and 397 of the 1984 Management and Budget Act and takes effect 90 days after enactment.