MS HB1699

Creates new Section 27-7-24.9 establishing special income tax apportionment rules for major medical laboratory service businesses with income from both inside and outside Mississippi.

Defines "Major Medical Laboratory Service Business" as a company performing medical laboratory testing that invests a minimum of $25,000,000 in Mississippi land, buildings, and/or equipment and creates at least 280 new full-time jobs within 3 years, as certified by the Mississippi Development Authority.

Requires apportionment using a single sales factor based on the location of the patient's service address (doctor's office, clinic, or other requesting medical facility) at the time services are performed.

Implements a "throwback" provision requiring receipts from services performed in Mississippi to be sourced to Mississippi if the patient's service address is in a state where the company is not subject to income or gross receipts tax, or where that state's laws do not source such receipts.

Effective January 1, 2019; amends Section 27-7-23 to reference the new apportionment method in existing corporate income tax allocation and apportionment provisions.