House committee substitute to the 2nd edition makes the following changes.
Renumbers the new Article as Article 53 to GS Chapter 66 and makes conforming changes. Clarifies the definitions of bank, portable benefit account (PBA), portable benefit account provider, and portable benefit plan. No longer specifies types of insurance and benefits included as portable benefit plans. Defines six additional terms including portable benefit plan provider. 
Expands upon who may contribute to a portable benefit account. Clarifies required conditions of agreement between an independent contractor and a hiring party making voluntary PBA contributions. Prohibits a hiring party from making PBA contributions contingent on use of a certain portable benefit account provider and specifies that hiring party shall treat PBA contributions as compensation. 
Specifies that a PBA is the sole property of the independent contractor who owns it and its contents do not revert to a hiring party. Permits PBA owner to cease contributions, change purchased plans, or transfer account balance at any time without penalty. Sets out 13 permissible uses of PBA funds. Specifies that a hiring party’s PBA contributions are not evidence of an employer-employee relationship and do not affect entitlement to unemployment insurance benefits. 
Provides that an independent contractor who opts in to voluntary contributions from a hiring party shall select a portable benefit account provider to administer the funds. Prohibits a hiring party from serving as an account provider except as a pass-through contributor. Prohibits conditioning fund distribution on continued work for hiring party. Specifies requirements for segregation of funds, fee disclosure, financial responsibility, recordkeeping, standard of care, and approval from the Commissioner of the North Carolina Department of Labor. 
Makes clarifying changes to provision allowing deduction of PBA contributions from adjusted gross income calculation and exclusion from withholding requirement. Adds new subsection GS 105-251.2(c1) to require portable benefit account providers to give information to the Secretary of Revenue upon request subject to specified parameters.
Removes appropriation. Changes the act’s effective date to January 1, 2027.

Statutes affected:
Edition 2: 105-153.5
Edition 3: 105-153.5, 105-163.3, 105-251.2