A revision of second-order Generalized Van Vleck Perturbation Theory (GVVPT2) for the description of dynamic electron correlation in molecules is presented. It is shown that the basic formulas of the suggested method are well-defined approximations to the theoretically carefully constructed self-consistent quasidegenerate perturbation theory. Furthermore, it is shown that nonlinear responses to the perturbations can be obtained by explicit formulas. The revised GVVPT2 makes active use of the recently introduced concept of macroconfigurations, whereby vast numbers of null Hamiltonian matrix elements are prescreened with minimal computational cost and the remainders are organized for facile computation by Table-CI-like methodology. Moreover, use of macroconfigurations allows the efficient use of incomplete model spaces, which extends drastically the applicability of the method. Representative calculations on model systems studied previously with the original formulation show close agreement and on additional model systems show the wide applicability of the revised formulation.