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MS HB1072
Bill
Status
Failed
3/3/2026
Primary Sponsor
Lee Yancey
Click for details
AI Summary
- Creates voluntary portable benefit accounts for independent contractors, allowing hiring parties to contribute funds for benefits including health insurance, unemployment insurance, disability insurance, life insurance, and retirement benefits
- Contributions by hiring parties to portable benefit accounts cannot be used as evidence that a worker is an employee under state or federal labor, tax, or unemployment insurance laws
- Hiring parties may withhold portions of independent contractor compensation for portable benefit contributions if agreed to in writing, clearly stated in contracts, voluntary with opt-in requirement, and allowing opt-out at any time
- Provides 100% tax deduction for hiring parties who contribute to portable benefit accounts and excludes 100% of such contributions from independent contractors' taxable income
- Account administrators may include banks, investment management firms, technology providers, or other entities approved by the Commissioner of Banking and Consumer Finance
Legislative Description
Voluntary Portable Benefit Plan Act; create for contributions by hiring parties to independent contractors' portable benefit accounts.
Last Action
Died In Committee
3/3/2026
Committee Referrals
Insurance2/19/2026
Business and Commerce1/16/2026
Full Bill Text
No bill text available