Section 35-3-08-06-402.05Business Income of Certain Utilities. The net business income of taxpayers operating a railroad, express service, telephone or telegraph business, or other form of public service, other than public service companies specifically provided for elsewhere in this Regulation, which has not been directed to this state as provided by this Section.
1. FORMULA. Business income of public utilities shall be apportioned to this state in the ratio that gross operating revenues within Mississippi during the tax year bears to total gross operating revenues everywhere by the taxpayer during the tax year.2. GROSS OPERATING REVENUE WITHIN MISSISSIPPI. The term "gross operating revenue within Mississippi" means an equal mileage portion of revenue such as ton miles, passenger miles, message miles, and the like as received for interstate business from activity in this state whether such business originates, ends, or passes through Mississippi to this result, there shall be added the Mississippi portions of all intrastate revenue.3. ALTERNATIVE. In cases where the amounts of gross operating revenues within this state cannot be accurately and adequately determined, the Commissioner may prescribe a method for otherwise apportioning business income in Mississippi. Only methods provided in this regulation may be used without the prior approval of the Commissioner.35 Miss. Code. R. § 3-08-06-402.05