MS SB2246

Increases Mississippi state income tax rates for taxable years beginning January 1, 2011 and thereafter by adding a new 6% tax bracket on income exceeding $15,000.

Establishes a four-bracket tax structure for 2011 and later: 3% on first $5,000, 4% on next $5,000, 5% on next $5,000, and 6% on all income over $15,000.

Maintains prior tax rates for calendar year 2010 and earlier: 3% on first $5,000, 4% on next $5,000, and 5% on income over $10,000.

Provides transition rules for taxpayers with fiscal years spanning 2010-2011, requiring calculation under both old and new rates prorated by number of months in each calendar year.

Takes effect January 1, 2011.