Establishes the Voluntary Portable Benefits Act to allow independent contractors and sole proprietors to open portable benefits accounts.
The bill creates the Voluntary Portable Benefits Act, allowing independent contractors and sole proprietors to open portable benefits accounts for health insurance, income replacement insurance, life insurance, and retirement benefits. Contributions to these accounts cannot be used to determine employment classification. The accounts can be funded by the hiring party or through voluntary withholdings from compensation, with the contractor opting in. The act takes effect July 1, 2026.
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