The proposed bill establishes a "Voluntary Portable Benefits Act" within Florida's Chapter 448, creating new sections 448.31, 448.32, and 448.33. This legislation aims to provide a framework for independent contractors and sole proprietors to set up portable benefits accounts, allowing them to receive voluntary contributions from various parties, including hiring entities and other individuals. The bill outlines definitions for key terms such as "independent contractor," "portable benefits account," and "hiring party," and specifies the criteria that must be met for a person to be classified as an independent contractor.

Additionally, the bill stipulates that contributions to these portable benefits accounts cannot be used to determine a worker's employment classification. It allows for contributions to be made from the hiring party's funds or through a percentage of compensation withheld from the independent contractor or sole proprietor, provided that certain conditions are met, including written consent and the ability for the contractor to opt out. The act is set to take effect on July 1, 2025.