MS SB3088

Creates Section 27-7-24.9 of Mississippi Code to establish income apportionment method for major medical laboratory service businesses that conduct business both within and outside Mississippi.

Defines "major medical laboratory service business" as a company performing laboratory testing for the medical industry that invests minimum $25,000,000 in Mississippi land, building, and/or equipment and creates 280 new full-time direct jobs within 3 years, as certified by Mississippi Development Authority.

Requires apportionment of business income using a single sales factor based on receipts from medical laboratory services in Mississippi divided by total receipts within and without the state.

Sources receipts to Mississippi based on patient service address location where services are performed, with "throwback" provisions to source receipts to Mississippi if they would otherwise be assigned to a state where the company is not subject to income tax.

Amends Section 27-7-23 to conform existing allocation and apportionment provisions to the new major medical laboratory service business apportionment method and becomes effective January 1, 2019.