Bill > HB1072

This bill, known as the "Voluntary Portable Benefit Plan Act," allows hiring parties, such as businesses or individuals who contract with independent contractors, to voluntarily contribute funds to a portable benefit account owned by the independent contractor. These accounts are designed to fund various benefit plans chosen by the independent contractor, such as health insurance, retirement benefits, or income replacement insurance. The bill clarifies that these contributions do not change the independent contractor's employment status. It also permits hiring parties to withhold a portion of an independent contractor's compensation for these contributions, provided there is a clear written agreement and the contractor opts in. Importantly, the bill provides tax benefits for both parties: hiring parties can deduct their contributions as a business expense, and independent contractors can exclude these contributions from their taxable income. The bill also makes conforming changes to existing tax laws regarding business deductions and gross income to reflect these new provisions.

Business and Industry

https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB1072.xml