The proposed bill establishes the "Voluntary Portable Benefits Act" by creating Part III of Chapter 448 of the Florida Statutes, which includes 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 for voluntary contributions from various parties, including hiring entities and the contractors themselves. The bill outlines definitions for key terms such as "independent contractor," "portable benefits account," and "hiring party," and specifies the criteria that define 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 contributions to be made from the hiring party's funds or through a percentage of withheld compensation, provided that such withholdings are voluntary and agreed upon in writing. The act is set to take effect on July 1, 2025.