MS HB1550

Creates a new apportionment method for major medical or pharmaceutical suppliers operating Mississippi distribution facilities, allowing them to apportion income using a weighted formula that counts payroll and property factors twice and sales factor once, divided by five.

Defines "major medical or pharmaceutical supplier" as a company or affiliated group that ships medical or pharmaceutical products to a Mississippi distribution facility.

Establishes specific calculation methods for payroll factor (total in-state wages divided by total wages), property factor (in-state property value at eight times annual rental rate plus average owned property divided by total such property), and sales factor (in-state receipts divided by total receipts).

Amends Section 27-7-23 of the Mississippi Code to add the new apportionment method to the list of approved allocation and apportionment provisions for corporations with income taxable both within and outside the state.

Effective January 1, 2014.