The proposed bill establishes the "Voluntary Portable Benefits Act" as part III of chapter 448 of the Florida Statutes, creating sections 448.31, 448.32, and 448.33. This act aims to provide a framework for independent contractors and sole proprietors to set up portable benefits accounts, allowing for voluntary contributions from various parties, including hiring entities and the contractors themselves. The bill outlines definitions for key terms such as "hiring party," "independent contractor," "portable benefits account," and "portable benefits account provider," ensuring clarity in the roles and responsibilities of those involved.

Additionally, the bill specifies that contributions to these portable benefits accounts cannot be used to determine a worker's employment classification. It allows contributions to be made from the hiring party's funds or a percentage of withheld compensation, provided that certain conditions are met, including written agreements and the option for contractors to opt in or out of such withholdings. The act is set to take effect on July 1, 2025.