TN HB0494

Creates the "Voluntary Portable Benefit Act" allowing hiring parties, independent contractors, or app-based companies to voluntarily contribute funds to portable benefit accounts for independent contractors to purchase health insurance, retirement benefits, life insurance, and income replacement insurance

Contributions to portable benefit accounts cannot be used as a criterion for determining whether a worker is classified as an employee or independent contractor

Withholdings from independent contractor compensation for portable benefit accounts must be voluntary, opt-in, expressed in a clear written agreement, and allow the contractor to opt-out at any time

Removes the requirement that marketplace platforms provide no medical or other insurance benefits to marketplace contractors in order to maintain contractor classification

Passed March 20, 2025 and signed by Governor Bill Lee on April 3, 2025, taking effect immediately upon becoming law