Establishes a voluntary portable benefit plan for independent contractors, allowing hiring parties to contribute to their accounts.
The Voluntary Portable Benefit Plan Act allows hiring parties to voluntarily contribute funds to portable benefit accounts owned by independent contractors. Contributions can be made using hiring party funds or a percentage of funds withheld from the contractor's compensation, provided certain conditions are met. Hiring parties can deduct contributions as a net operating loss, and contractors can exclude contributions from their taxable income. The act also amends existing Mississippi tax code sections to conform with these provisions.
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