MS HB1583

Creates new Section 27-7-24.9 establishing a single sales factor apportionment method for major medical laboratory service facilities with taxable business activity both within and outside Mississippi.

Defines a "major medical laboratory service facility" as a company or affiliated group performing laboratory testing and analysis for the medical industry with a minimum $80,000,000 investment in Mississippi land, buildings, and equipment over a three-year period.

Determines in-state sales based on location of real property, tangible personal property location, intangible property use, individual recipient location, or business-related activity location within Mississippi.

Amends Section 27-7-23 to add the new apportionment method to the list of exceptions (27-7-24.9) for corporations allocating business income between Mississippi and other states.

Takes effect January 1, 2019.