Voluntary Portable Benefit Plan Act; create for contributions by hiring parties to independent contractors' portable benefit accounts.

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To: Business and Commerce
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Representatives Yancey, Hall

HOUSE BILL NO. 1072

AN ACT TO BE KNOWN AS THE "VOLUNTARY PORTABLE BENEFIT PLAN 1
ACT"; TO DEFINE CERTAIN TERMS; TO AUTHORIZE A HIRING PARTY TO 2
VOLUNTARILY CONTRIBUTE FUNDS TO THE PORTABLE BENEFIT ACCOUNT OWNED 3
BY AN INDEPENDENT CONTRACTOR; TO AUTHORIZE A HIRING PARTY TO 4
WITHHOLD FUNDS FROM THE COMPENSATION OWED TO AN INDEPENDENT 5
CONTRACTOR FOR THE CONTRIBUTION TO THE PERSON'S PORTABLE BENEFIT 6
ACCOUNT; TO AUTHORIZE A DEDUCTION FROM A HIRING PARTY'S TAXABLE 7
INCOME FOR CONTRIBUTIONS TO A PORTABLE BENEFIT ACCOUNT; TO EXCLUDE 8
CONTRIBUTIONS TO A PORTABLE BENEFIT ACCOUNT FROM THE DETERMINATION 9
OF AN INDEPENDENT CONTRACTOR'S TAXABLE INCOME; TO AMEND SECTIONS 10
27-7-17 AND 27-7-15, MISSISSIPPI CODE OF 1972, IN CONFORMITY TO 11
THE PROVISIONS OF THIS ACT; AND FOR RELATED PURPOSES. 12
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 13
SECTION 1. Sections 1 through 4 of this act shall be known 14
and may be cited as the "Voluntary Portable Benefit Plan Act." 15
SECTION 2. As used in Sections 1 through 4 of this act, the 16
following words and phrases have the meanings provided in this 17
section, unless the context clearly indicates otherwise: 18
(a) "Bank" means a state bank, national bank, 19
out-of-state state-chartered bank or a foreign bank organized 20
under the laws of a territory of the United States, the 21
Commonwealth of Puerto Rico, Guam, American Samoa, or the United 22
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States Virgin Islands, with deposits insured by the Federal 23
Deposit Insurance Corporation. 24
(b) "Hiring party" means a person or entity who hires 25
or enters into a contract with an independent contractor. 26
(c) "Portable benefit account" means an account owned 27
by an independent contractor to fund the purchase of one or more 28
benefit plans. 29
(d) "Portable benefit account provider" means the 30
administrator of a portable benefit account, including: 31
(i) A bank; 32
(ii) An investment management firm; 33
(iii) A technology provider or program manager 34
that offers services through a bank or investment management firm; 35
or 36
(iv) A person who demonstrates to the satisfaction 37
of the Commissioner of Banking and Consumer Finance that the 38
manner in which the person will administer the portable benefit 39
account will be consistent with the portable benefit account 40
requirements under Sections 1 through 4 of this act. 41
(e) "Portable benefit plan" means a benefit plan 42
administered by a third-party benefit plan provider chosen by the 43
independent contractor and assigned to a beneficiary rather than 44
to a hiring party and includes, but is not limited to: 45
(i) Health insurance; 46
(ii) Unemployment insurance; 47
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(iii) Income replacement insurance; 48
(iv) Disability insurance; 49
(v) Life insurance; and 50
(vi) Retirement benefits. 51
SECTION 3. (1) A person or entity, whether public or 52
private, including an Internet or application based company, may 53
contribute funds voluntarily to a portable benefit account for an 54
independent contractor. 55
(2) Contributions by a hiring party to a portable benefit 56
account may not be treated as evidence that a worker is an 57
employee of the hiring party under state or federal laws and 58
regulations governing unemployment insurance, worker's 59
compensation, taxation and labor. 60
(3) Contributions to a portable benefit account may be made 61
using: 62
(a) The funds of a hiring party; or 63
(b) A percentage of funds withheld from the 64
compensation owed to an independent contractor if all of the 65
following conditions are met: 66
(i) The withholding of compensation is expressly 67
agreed to in writing; 68
(ii) The written agreement is clear, unambiguous 69
and prominently displayed either in a work contract or separate 70
invoice; 71
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(iii) The withholdings are voluntary and require 72
the independent contractor to opt-in; and 73
(iv) The independent contractor may choose to 74
opt-out of the withholdings at any time. 75
SECTION 4. (1) A hiring party that contributes funds to a 76
portable benefit account pursuant to Section 3 of this act may 77
deduct as a business expense an amount equal to one hundred 78
percent (100%) of the amount contributed during the applicable tax 79
year. 80
(2) An independent contractor may exclude from taxable 81
income an amount equal to one hundred percent (100%) of the amount 82
contributed by a hiring party to the independent contractor's 83
portable benefit account pursuant to Section 3 of this act during 84
the applicable tax year. 85
SECTION 5. Section 27-7-17, Mississippi Code of 1972, is 86
amended as follows: 87
27-7-17. In computing taxable income, there shall be allowed 88
as deductions: 89
(1) Business deductions. 90
(a) Business expenses. All the ordinary and necessary 91
expenses paid or incurred during the taxable year in carrying on 92
any trade or business, including a reasonable allowance for 93
salaries or other compensation for personal services actually 94
rendered; contributions to a portable benefit account owned by an 95
independent contractor that performed work for the business, as 96
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authorized under Sections 1 through 4 of this act; nonreimbursable 97
traveling expenses incident to current employment, including a 98
reasonable amount expended for meals and lodging while away from 99
home in the pursuit of a trade or business; and rentals or other 100
payments required to be made as a condition of the continued use 101
or possession, for purposes of the trade or business of property 102
to which the taxpayer has not taken or is not taking title or in 103
which he had no equity. Expense incurred in connection with 104
earning and distributing nontaxable income is not an allowable 105
deduction. Limitations on entertainment expenses shall conform to 106
the provisions of the Internal Revenue Code of 1986. There shall 107
also be allowed a deduction for expenses as provided in Section 108
41-137-51. 109
(b) Interest. All interest paid or accrued during the 110
taxable year on business indebtedness, except interest upon the 111
indebtedness for the purchase of tax-free bonds, or any stocks, 112
the dividends from which are nontaxable under the provisions of 113
this article; provided, however, in the case of securities 114
dealers, interest payments or accruals on loans, the proceeds of 115
which are used to purchase tax-exempt securities, shall be 116
deductible if income from otherwise tax-free securities is 117
reported as income. Investment interest expense shall be limited 118
to investment income. Interest expense incurred for the purchase 119
of treasury stock, to pay dividends, or incurred as a result of an 120
undercapitalized affiliated corporation may not be deducted unless 121
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an ordinary and necessary business purpose can be established to 122
the satisfaction of the commissioner. For the purposes of this 123
paragraph, the phrase "interest upon the indebtedness for the 124
purchase of tax-free bonds" applies only to the indebtedness 125
incurred for the purpose of directly purchasing tax-free bonds and 126
does not apply to any other indebtedness incurred in the regular 127
course of the taxpayer's business. Any corporation, association, 128
organization or other entity taxable under Section 27-7-23(c) 129
shall allocate interest expense as provided in Section 130
27-7-23(c)(3)(I). 131
(c) Taxes. Taxes paid or accrued within the taxable 132
year, except state and federal income taxes, excise taxes based on 133
or measured by net income, estate and inheritance taxes, gift 134
taxes, cigar and cigarette taxes, gasoline taxes, and sales and 135
use taxes unless incurred as an item of expense in a trade or 136
business or in the production of taxable income. In the case of 137
an individual, taxes permitted as an itemized deduction under the 138
provisions of subsection (3)(a) of this section are to be claimed 139
thereunder. 140
(d) Business losses. 141
(i) Losses sustained during the taxable year not 142
compensated for by insurance or otherwise, if incurred in trade or 143
business, or nonbusiness transactions entered into for profit. 144
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(ii) Limitations on losses from passive activities 145
and rental real estate shall conform to the provisions of the 146
Internal Revenue Code of 1986. 147
(e) Bad debts. Losses from debts ascertained to be 148
worthless and charged off during the taxable year, if sustained in 149
the conduct of the regular trade or business of the taxpayer; 150
provided, that such losses shall be allowed only when the taxpayer 151
has reported as income, on the accrual basis, the amount of such 152
debt or account. 153
(f) Depreciation. (i) A reasonable allowance for 154
exhaustion, wear and tear of property used in the trade or 155
business, or rental property, and depreciation upon buildings 156
based upon their reasonable value as of March 16, 1912, if 157
acquired prior thereto, and upon cost if acquired subsequent to 158
that date. In the case of new or used aircraft, equipment, 159
engines, or other parts and tools used for aviation, allowance for 160
bonus depreciation conforms with the federal bonus depreciation 161
rates and reasonable allowance for depreciation under this section 162
is no less than one hundred percent (100%). 163
(ii) 1. For the purposes of computing income tax 164
for tax years beginning after December 31, 2022, a taxpayer may 165
treat specified research or experimental expenditures that are 166
paid or incurred by the taxpayer during the tax year in connection 167
with the taxpayer's trade or business as expenses that are not 168
chargeable to the capital account. Such expenditures so treated 169
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shall be allowed as an immediate deduction. Such expenditures 170
shall remain allowable as a full and immediate expense deduction 171
in the year in which the expenses are incurred notwithstanding any 172
changes to the federal Internal Revenue Code related to the 173
depreciation of such specified research or experimental 174
expenditures. A taxpayer may alternatively treat the depreciation 175
of such specified research or experimental expenditures in 176
accordance with the schedule provided in 26 USCS Section 174. A 177
taxpayer may make an election whether to take a full and immediate 178
deduction for such expenditures and/or to depreciate the 179
expenditures in accordance with 26 USCS Section 174. Such an 180
election may be made for any tax year if made not later than the 181
time prescribed by law for filing the return for such tax year, 182
including extensions thereof. The method so elected by the 183
taxpayer is irrevocable unless the commissioner specifically 184
allows a change in the method. 185
2. For the purpose of computing income tax 186
for tax years beginning after December 31, 2022, expenditures for 187
business assets that are qualified property or qualified 188
improvement property shall be eligible for one hundred percent 189
(100%) bonus depreciation and may be deducted as an expense 190
incurred by the taxpayer during the tax year during which the 191
property is placed in service, notwithstanding any changes to 192
federal law related to cost recovery beginning on January 1, 2023, 193
or on any other date. A taxpayer may alternatively treat the 194
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depreciation of such business assets in accordance with the 195
schedule provided in 26 USCS Section 168. A taxpayer may make an 196
election whether to take a bonus depreciation deduction for such 197
expenditures and/or to depreciate the expenditures in accordance 198
with 26 USCS Section 168. Such an election may be made for any 199
tax year if made not later than the time prescribed by law for 200
filing the return for such tax year, including extensions thereof. 201
The method so elected by the taxpayer is irrevocable unless the 202
commissioner specifically allows a change in the method. 203
3. In any taxable year in which any 26 USCS 204
Section 179 property is placed in service, a taxpayer may elect to 205
treat the cost of such property as an expense which is not 206
chargeable to a capital account, and any cost so treated shall be 207
allowed as a deduction for that year. Mississippi's treatment of 208
the deduction shall conform to the provisions of 26 USCS Section 209
179 in effect for that year. 210
4. For the purposes of this subparagraph 211
(ii), unless the context requires otherwise, the following terms 212
shall have the meanings ascribed herein: 213
a. "Qualified improvement property" 214
means and has the same definition as such term has in 26 USCS 215
Section 168(e)(6) as it existed on January 1, 2021, and shall 216
apply to property placed in service after December 31, 2022. 217
b. "Qualified property" means and has 218
the same definition as such term has in 26 USCS Section 168(k) as 219
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it existed on January 1, 2021, and shall apply to property placed 220
in service after December 31, 2022. 221
c. "Specified research or experimental 222
expenditures" means and has the same definition as such term has 223
in 26 USCS Section 174 as it existed on January 1, 2021. 224
5. Nothing in this subparagraph (ii) shall be 225
construed to nullify or otherwise alter the treatment of 226
depreciation expenses for any tax year prior to 2023. 227
6. The total of any method or combination of 228
methods of depreciation used under this subparagraph (ii) cannot 229
exceed one hundred percent (100%) of the cost of the subject 230
property. 231
(g) Depletion. In the case of mines, oil and gas 232
wells, other natural deposits and timber, a reasonable allowance 233
for depletion and for depreciation of improvements, based upon 234
cost, including cost of development, not otherwise deducted, or 235
fair market value as of March 16, 1912, if acquired prior to that 236
date, such allowance to be made upon regulations prescribed by the 237
commissioner, with the approval of the Governor. 238
(h) Contributions or gifts. Except as otherwise 239
provided in paragraph (p) of this subsection or subsection (3)(a) 240
of this section for individuals, contributions or gifts made by 241
corporations within the taxable year to corporations, 242
organizations, associations or institutions, including Community 243
Chest funds, foundations and trusts created solely and exclusively 244
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for religious, charitable, scientific or educational purposes, or 245
for the prevention of cruelty to children or animals, no part of 246
the net earnings of which inure to the benefit of any private 247
stockholder or individual. This deduction shall be allowed in an 248
amount not to exceed twenty percent (20%) of the net income. Such 249
contributions or gifts shall be allowable as deductions only if 250
verified under rules and regulations prescribed by the 251
commissioner, with the approval of the Governor. Contributions 252
made in any form other than cash shall be allowed as a deduction, 253
subject to the limitations herein provided, in an amount equal to 254
the actual market value of the contributions at the time the 255
contribution is actually made and consummated. 256
(i) Reserve funds - insurance companies. In the case 257
of insurance companies the net additions required by law to be 258
made within the taxable year to reserve funds when such reserve 259
funds are maintained for the purpose of liquidating policies at 260
maturity. 261
(j) Annuity income. The sums, other than dividends, 262
paid within the taxpayer year on policy or annuity contracts when 263
such income has been included in gross income. 264
(k) Contributions to employee pension plans. 265
Contributions made by an employer to a plan or a trust forming 266
part of a pension plan, stock bonus plan, disability or 267
death-benefit plan, or profit-sharing plan of such employer for 268
the exclusive benefit of some or all of his, their, or its 269
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employees, or their beneficiaries, shall be deductible from his, 270
their, or its income only to the extent that, and for the taxable 271
year in which, the contribution is deductible for federal income 272
tax purposes under the Internal Revenue Code of 1986 and any other 273
provisions of similar purport in the Internal Revenue Laws of the 274
United States, and the rules, regulations, rulings and 275
determinations promulgated thereunder, provided that: 276
(i) The plan or trust be irrevocable. 277
(ii) The plan or trust constitute a part of a 278
pension plan, stock bonus plan, disability or death-benefit plan, 279
or profit-sharing plan for the exclusive benefit of some or all of 280
the employer's employees and/or officers, or their beneficiaries, 281
for the purpose of distributing the corpus and income of the plan 282
or trust to such employees and/or officers, or their 283
beneficiaries. 284
(iii) No part of the corpus or income of the plan 285
or trust can be used for purposes other than for the exclusive 286
benefit of employees and/or officers, or their beneficiaries. 287
Contributions to all plans or to all trusts of real or 288
personal property (or real and personal property combined) or to 289
insured plans created under a retirement plan for which provision 290
has been made under the laws of the United States of America, 291
making such contributions deductible from income for federal 292
income tax purposes, shall be deductible only to the same extent 293
under the Income Tax Laws of the State of Mississippi. 294
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(l) Net operating loss carrybacks and carryovers. A 295
net operating loss for any taxable year ending after December 31, 296
1993, and taxable years thereafter, shall be a net operating loss 297
carryback to each of the three (3) taxable years preceding the 298
taxable year of the loss. If the net operating loss for any 299
taxable year is not exhausted by carrybacks to the three (3) 300
taxable years preceding the taxable year of the loss, then there 301
shall be a net operating loss carryover to each of the fifteen 302
(15) taxable years following the taxable year of the loss 303
beginning with any taxable year after December 31, 1991. 304
For any taxable year ending after December 31, 1997, the 305
period for net operating loss carrybacks and net operating loss 306
carryovers shall be the same as those established by the Internal 307
Revenue Code and the rules, regulations, rulings and 308
determinations promulgated thereunder as in effect at the taxable 309
year end or on December 31, 2000, whichever is earlier. 310
A net operating loss for any taxable year ending after 311
December 31, 2001, and taxable years thereafter, shall be a net 312
operating loss carryback to each of the two (2) taxable years 313
preceding the taxable year of the loss. If the net operating loss 314
for any taxable year is not exhausted by carrybacks to the two (2) 315
taxable years preceding the taxable year of the loss, then there 316
shall be a net operating loss carryover to each of the twenty (20) 317
taxable years following the taxable year of the loss beginning 318
with any taxable year after the taxable year of the loss. 319
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The term "net operating loss," for the purposes of this 320
paragraph, shall be the excess of the deductions allowed over the 321
gross income; provided, however, the following deductions shall 322
not be allowed in computing same: 323
(i) No net operating loss deduction shall be 324
allowed. 325
(ii) No personal exemption deduction shall be 326
allowed. 327
(iii) Allowable deductions which are not 328
attributable to taxpayer's trade or business shall be allowed only 329
to the extent of the amount of gross income not derived from such 330
trade or business. 331
Any taxpayer entitled to a carryback period as provided by 332
this paragraph may elect to relinquish the entire carryback period 333
with respect to a net operating loss for any taxable year ending 334
after December 31, 1991. The election shall be made in the manner 335
prescribed by the Department of Revenue and shall be made by the 336
due date, including extensions of time, for filing the taxpayer's 337
return for the taxable year of the net operating loss for which 338
the election is to be in effect. The election, once made for any 339
taxable year, shall be irrevocable for that taxable year. 340
(m) Amortization of pollution or environmental control 341
facilities. Allowance of deduction. Every taxpayer, at his 342
election, shall be entitled to a deduction for pollution or 343
environmental control facilities to the same extent as that 344
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allowed under the Internal Revenue Code and the rules, 345
regulations, rulings and determinations promulgated thereunder. 346
(n) Dividend distributions - real estate investment 347
trusts. "Real estate investment trust" (hereinafter referred to 348
as REIT) shall have the meaning ascribed to such term in Section 349
856 of the federal Internal Revenue Code of 1986, as amended. A 350
REIT is allowed a dividend distributed deduction if the dividend 351
distributions meet the requirements of Section 857 or are 352
otherwise deductible under Section 858 or 860, federal Internal 353
Revenue Code of 1986, as amended. In addition: 354
(i) A dividend distributed deduction shall only be 355
allowed for dividends paid by a publicly traded REIT. A qualified 356
REIT subsidiary shall be allowed a dividend distributed deduction 357
if its owner is a publicly traded REIT. 358
(ii) Income generated from real estate contributed 359
or sold to a REIT by a shareholder or related party shall not give 360
rise to a dividend distributed deduction, unless the shareholder 361
or related party would have received the dividend distributed 362
deduction under this chapter. 363
(iii) A holding corporation receiving a dividend 364
from a REIT shall not be allowed the deduction in Section 365
27-7-15(4)(t). 366
(iv) Any REIT not allowed the dividend distributed 367
deduction in the federal Internal Revenue Code of 1986, as 368
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amended, shall not be allowed a dividend distributed deduction 369
under this chapter. 370
The commissioner is authorized to promulgate rules and 371
regulations consistent with the provisions in Section 269 of the 372
federal Internal Revenue Code of 1986, as amended, so as to 373
prevent the evasion or avoidance of state income tax. 374
(o) Contributions to college savings trust fund 375
accounts. Contributions or payments to a Mississippi Affordable 376
College Savings Program account are deductible as provided under 377
Section 37-155-113. Payments made under a prepaid tuition 378
contract entered into under the Mississippi Prepaid Affordable 379
College Tuition Program are deductible as provided under Section 380
37-155-17. 381
(p) Contributions of human pharmaceutical products. To 382
the extent that a "major supplier" as defined in Section 383
27-13-13(2)(d) contributes human pharmaceutical products in excess 384
of Two Hundred Fifty Million Dollars ($250,000,000.00) as 385
determined under Section 170 of the Internal Revenue Code, the 386
charitable contribution limitation associated with those donations 387
shall follow the federal limitation but cannot result in the 388
Mississippi net income being reduced below zero. 389
(q) Contributions to ABLE trust fund accounts. 390
Contributions or payments to a Mississippi Achieving a Better Life 391
Experience (ABLE) Program account are deductible as provided under 392
Section 43-28-13. 393
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(2) Restrictions on the deductibility of certain intangible 394
expenses and interest expenses with a related member. 395
(a) As used in this subsection (2): 396
(i) "Intangible expenses and costs" include: 397
1. Expenses, losses and costs for, related 398
to, or in connection directly or indirectly with the direct or 399
indirect acquisition, use, maintenance or management, ownership, 400
sale, exchange or any other disposition of intangible property to 401
the extent such amounts are allowed as deductions or costs in 402
determining taxable income under this chapter; 403
2. Expenses or losses related to or incurred 404
in connection directly or indirectly with factoring transactions 405
or discounting transactions; 406
3. Royalty, patent, technical and copyright 407
fees; 408
4. Licensing fees; and 409
5. Other similar expenses and costs. 410
(ii) "Intangible property" means patents, patent 411
applications, trade names, trademarks, service marks, copyrights 412
and similar types of intangible assets. 413
(iii) "Interest expenses and cost" means amounts 414
directly or indirectly allowed as deductions for purposes of 415
determining taxable income under this chapter to the extent such 416
interest expenses and costs are directly or indirectly for, 417
related to, or in connection with the direct or indirect 418
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acquisition, maintenance, management, ownership, sale, exchange or 419
disposition of intangible property. 420
(iv) "Related member" means an entity or person 421
that, with respect to the taxpayer during all or any portion of 422
the taxable year, is a related entity, a component member as 423
defined in the Internal Revenue Code, or is an entity or a person 424
to or from whom there is attribution of stock ownership in 425
accordance with Section 1563(e) of the Internal Revenue Code. 426
(v) "Related entity" means: 427
1. A stockholder who is an individual or a 428
member of the stockholder's family, as defined in regulations 429
prescribed by the commissioner, if the stockholder and the members 430
of the stockholder's family own, directly, indirectly, 431
beneficially or constructively, in the aggregate, at least fifty 432
percent (50%) of the value of the taxpayer's outstanding stock; 433
2. A stockholder, or a stockholder's 434
partnership, limited liability company, estate, trust or 435
corporation, if the stockholder and the stockholder's 436
partnerships, limited liability companies, estates, trusts and 437
corporations own, directly, indirectly, beneficially or 438
constructively, in the aggregate, at least fifty percent (50%) of 439
the value of the taxpayer's outstanding stock; 440
3. A corporation, or a party related to the 441
corporation in a manner that would require an attribution of stock 442
from the corporation to the party or from the party to the 443
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corporation, if the taxpayer owns, directly, indirectly, 444
beneficially or constructively, at least fifty percent (50%) of 445
the value of the corporation's outstanding stock under regulation 446
prescribed by the commissioner; 447
4. Any entity or person which would be a 448
related member under this section if the taxpayer were considered 449
a corporation for purposes of this section. 450
(b) In computing net income, a taxpayer shall add back 451
otherwise deductible interest expenses and costs and intangible 452
expenses and costs directly or indirectly paid, accrued to or 453
incurred, in connection directly or indirectly with one or more 454
direct or indirect transactions with one or more related members. 455
(c) The adjustments required by this subsection shall 456
not apply to such portion of interest expenses and costs and 457
intangible expenses and costs that the taxpayer can establish 458
meets one (1) of the following: 459
(i) The related member directly or indirectly 460
paid, accrued or incurred such portion to a person during the same 461
income year who is not a related member; or 462
(ii) The transaction giving rise to the interest 463
expenses and costs or intangible expenses and costs between the 464
taxpayer and related member was done primarily for a valid 465
business purpose other than the avoidance of taxes, and the 466
related member is not primarily engaged in the acquisition, use, 467
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maintenance or management, ownership, sale, exchange or any other 468
disposition of intangible property. 469
(d) Nothing in this subsection shall require a taxpayer 470
to add to its net income more than once any amount of interest 471
expenses and costs or intangible expenses and costs that the 472
taxpayer pays, accrues or incurs to a related member. 473
(e) The commissioner may prescribe such regulations as 474
necessary or appropriate to carry out the purposes of this 475
subsection, including, but not limited to, clarifying definitions 476
of terms, rules of stock attribution, factoring and discount 477
transactions. 478
(3) Individual nonbusiness deductions. 479
(a) The amount allowable for individual nonbusiness 480
itemized deductions for federal income tax purposes where the 481
individual is eligible to elect, for the taxable year, to itemize 482
deductions on his federal return except the following: 483
(i) The deduction for state income taxes paid or 484
other taxes allowed for federal purposes in lieu of state income 485
taxes paid; 486
(ii) The deduction for gaming losses from gaming 487
establishments; 488
(iii) The deduction for taxes collected by 489
licensed gaming establishments pursuant to Section 27-7-901; 490
(iv) The deduction for taxes collected by gaming 491
establishments pursuant to Section 27-7-903; and 492
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(v) The deduction for medical expenses for the 493
provision of gender transition procedures as defined in Section 494
41-141-3. 495
(b) In lieu of the individual nonbusiness itemized 496
deductions authorized in paragraph (a), for all purposes other 497
than ordinary and necessary expenses paid or incurred during the 498
taxable year in carrying on any trade or business, an optional 499
standard deduction of: 500
(i) Three Thousand Four Hundred Dollars 501
($3,400.00) through calendar year 1997, Four Thousand Two Hundred 502
Dollars ($4,200.00) for the calendar year 1998 and Four Thousand 503
Six Hundred Dollars ($4,600.00) for each calendar year thereafter 504
in the case of married individuals filing a joint or combined 505
return; 506
(ii) One Thousand Seven Hundred Dollars 507
($1,700.00) through calendar year 1997, Two Thousand One Hundred 508
Dollars ($2,100.00) for the calendar year 1998 and Two Thousand 509
Three Hundred Dollars ($2,300.00) for each calendar year 510
thereafter in the case of married individuals filing separate 511
returns; 512
(iii) Three Thousand Four Hundred Dollars 513
($3,400.00) in the case of a head of family; or 514
(iv) Two Thousand Three Hundred Dollars 515
($2,300.00) in the case of an individual who is not married. 516
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In the case of a husband and wife living together, having 517
separate incomes, and filing combined returns, the standard 518
deduction authorized may be divided in any manner they choose. In 519
the case of separate returns by a husband and wife, the standard 520
deduction shall not be allowed to either if the taxable income of 521
one of the spouses is determined without regard to the standard 522
deduction. 523
(c) A nonresident individual shall be allowed the same 524
individual nonbusiness deductions as are authorized for resident 525
individuals in paragraph (a) or (b) of this subsection; however, 526
the nonresident individual is entitled only to that proportion of 527
the individual nonbusiness deductions as his net income from 528
sources within the State of Mississippi bears to his total or 529
entire net income from all sources. 530
(4) Nothing in this section shall permit the same item to be 531
deducted more than once, either in fact or in effect. 532
(5) Notwithstanding any other provision in Title 27, 533
Mississippi Code of 1972, there shall be allowed an income tax 534
deduction for otherwise deductible expenses if: 535
(a) The payment(s) for such deductible expenses are 536
made with the grant or loan program of the Paycheck Protection 537
Program as authorized under (i) the Coronavirus Aid, Relief, and 538
Economic Security (CARES) Act and the Consolidated Appropriations 539
Act of 2021, (ii) the COVID-19 Economic Injury Disaster Loan 540
Program, (iii) the 2020 COVID-19 Mississippi Business Assistance 541
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Act, (iv) the Rental Assistance Grant Program, (v) the Shuttered 542
Venue Operators Grant Program and Restaurant Revitalization Fund 543
authorized by the Economic Aid to Hard-Hit Small Businesses, 544
Nonprofits, and Venues Act, and amended by the federal American 545
Rescue Plan Act, and/or (vi) the Mississippi Agriculture 546
Stabilization Act; and 547
(b) Such deductible expenses shall be allowed as 548
deductions for federal income tax purposes. 549
SECTION 6. Section 27-7-15, Mississippi Code of 1972, is 550
amended as follows: 551
27-7-15. (1) For the purposes of this article, except as 552
otherwise provided, the term "gross income" means and includes the 553
income of a taxpayer derived from salaries, wages, fees or 554
compensation for service, of whatever kind and in whatever form 555
paid, including income from governmental agencies and subdivisions 556
thereof; or from professions, vocations, trades, businesses, 557
commerce or sales, or renting or dealing in property, or 558
reacquired property; also from annuities, interest, rents, 559
dividends, securities, insurance premiums, reinsurance premiums, 560
considerations for supplemental insurance contracts, or the 561
transaction of any business carried on for gain or profit, or 562
gains, or profits, and income derived from any source whatever and 563
in whatever form paid. The amount of all such items of income 564
shall be included in the gross income for the taxable year in 565
which received by the taxpayer. The amount by which an eligible 566
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employee's salary is reduced pursuant to a salary reduction 567
agreement authorized under Section 25-17-5 shall be excluded from 568
the term "gross income" within the meaning of this article. 569
(2) In determining gross income for the purpose of this 570
section, the following, under regulations prescribed by the 571
commissioner, shall be applicable: 572
(a) Dealers in property. Federal rules, regulations 573
and revenue procedures shall be followed with respect to 574
installment sales unless a transaction results in the shifting of 575
income from inside the state to outside the state. 576
(b) Casual sales of property. 577
(i) Prior to January 1, 2001, federal rules, 578
regulations and revenue procedures shall be followed with respect 579
to installment sales except they shall be applied and administered 580
as if H.R. 3594, the Installment Tax Correction Act of 2000 of the 581
106th Congress, had not been enacted. This provision will 582
generally affect taxpayers, reporting on the accrual method of 583
accounting, entering into installment note agreements on or after 584
December 17, 1999. Any gain or profit resulting from the casual 585
sale of property will be recognized in the year of sale. 586
(ii) From and after January 1, 2001, federal 587
rules, regulations and revenue procedures shall be followed with 588
respect to installment sales except as provided in this 589
subparagraph (ii). Gain or profit from the casual sale of 590
property shall be recognized in the year of sale. When a taxpayer 591
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recognizes gain on the casual sale of property in which the gain 592
is deferred for federal income tax purposes, a taxpayer may elect 593
to defer the payment of tax resulting from the gain as allowed and 594
to the extent provided under regulations prescribed by the 595
commissioner. If the payment of the tax is made on a deferred 596
basis, the tax shall be computed based on the applicable rate for 597
the income reported in the year the payment is made. Except as 598
otherwise provided in subparagraph (iii) of this paragraph (b), 599
deferring the payment of the tax shall not affect the liability 600
for the tax. If at any time the installment note is sold, 601
contributed, transferred or disposed of in any manner and for any 602
purpose by the original note holder, or the original note holder 603
is merged, liquidated, dissolved or withdrawn from this state, 604
then all deferred tax payments under this section shall 605
immediately become due and payable. 606
(iii) If the selling price of the property is 607
reduced by any alteration in the terms of an installment note, 608
including default by the purchaser, the gain to be recognized is 609
recomputed based on the adjusted selling price in the same manner 610
as for federal income tax purposes. The tax on this amount, less 611
the previously paid tax on the recognized gain, is payable over 612
the period of the remaining installments. If the tax on the 613
previously recognized gain has been paid in full to this state, 614
the return on which the payment was made may be amended for this 615
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purpose only. The statute of limitations in Section 27-7-49 shall 616
not bar an amended return for this purpose. 617
(c) Reserves of insurance companies. In the case of 618
insurance companies, any amounts in excess of the legally required 619
reserves shall be included as gross income. 620
(d) Affiliated companies or persons. As regards sales, 621
exchanges or payments for services from one to another of 622
affiliated companies or persons or under other circumstances where 623
the relation between the buyer and seller is such that gross 624
proceeds from the sale or the value of the exchange or the payment 625
for services are not indicative of the true value of the subject 626
matter of the sale, exchange or payment for services, the 627
commissioner shall prescribe uniform and equitable rules for 628
determining the true value of the gross income, gross sales, 629
exchanges or payment for services, or require consolidated returns 630
of affiliates. 631
(e) Alimony and separate maintenance payments. The 632
federal rules, regulations and revenue procedures in determining 633
the deductibility and taxability of alimony payments shall be 634
followed in this state. 635
(f) Reimbursement for expenses of moving. There shall 636
be included in gross income (as compensation for services) any 637
amount received or accrued, directly or indirectly, by an 638
individual as a payment for or reimbursement of expenses of moving 639
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from one (1) residence to another residence which is attributable 640
to employment or self-employment. 641
(3) In the case of taxpayers other than residents, gross 642
income includes gross income from sources within this state. 643
(4) The words "gross income" do not include the following 644
items of income which shall be exempt from taxation under this 645
article: 646
(a) The proceeds of life insurance policies and 647
contracts paid upon the death of the insured. However, the income 648
from the proceeds of such policies or contracts shall be included 649
in the gross income. 650
(b) The amount received by the insured as a return of 651
premium or premiums paid by him under life insurance policies, 652
endowment, or annuity contracts, either during the term or at 653
maturity or upon surrender of the contract. 654
(c) The value of property acquired by gift, bequest, 655
devise or descent, but the income from such property shall be 656
included in the gross income. 657
(d) Interest upon the obligations of the United States 658
or its possessions, or securities issued under the provisions of 659
the Federal Farm Loan Act of 1916, or bonds issued by the War 660
Finance Corporation, or obligations of the State of Mississippi or 661
political subdivisions thereof. 662
(e) The amounts received through accident or health 663
insurance as compensation for personal injuries or sickness, plus 664
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the amount of any damages received for such injuries or such 665
sickness or injuries, or through the War Risk Insurance Act, or 666
any law for the benefit or relief of injured or disabled members 667
of the military or naval forces of the United States. 668
(f) Income received by any religious denomination or by 669
any institution or trust for moral or mental improvements, 670
religious, Bible, tract, charitable, benevolent, fraternal, 671
missionary, hospital, infirmary, educational, scientific, 672
literary, library, patriotic, historical or cemetery purposes or 673
for two (2) or more of such purposes, if such income be used 674
exclusively for carrying out one or more of such purposes. 675
(g) Income received by a domestic corporation which is 676
"taxable in another state" as this term is defined in this 677
article, derived from business activity conducted outside this 678
state. Domestic corporations taxable both within and without the 679
state shall determine Mississippi income on the same basis as 680
provided for foreign corporations under the provisions of this 681
article. 682
(h) In case of insurance companies, there shall be 683
excluded from gross income such portion of actual premiums 684
received from an individual policyholder as is paid back or 685
credited to or treated as an abatement of premiums of such 686
policyholder within the taxable year. 687
(i) Income from dividends that has already borne a tax 688
as dividend income under the provisions of this article, when such 689
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dividends may be specifically identified in the possession of the 690
recipient. 691
(j) Amounts paid by the United States to a person as 692
added compensation for hazardous duty pay as a member of the Armed 693
Forces of the United States in a combat zone designated by 694
Executive Order of the President of the United States. 695
(k) Amounts received as retirement allowances, 696
pensions, annuities or optional retirement allowances paid under 697
the federal Social Security Act, the Railroad Retirement Act, the 698
Federal Civil Service Retirement Act, or any other retirement 699
system of the United States government, retirement allowances paid 700
under the Mississippi Public Employees' Retirement System, 701
Mississippi Highway Safety Patrol Retirement System or any other 702
retirement system of the State of Mississippi or any political 703
subdivision thereof. The exemption allowed under this paragraph 704
(k) shall be available to the spouse or other beneficiary at the 705
death of the primary retiree. 706
(l) Amounts received as retirement allowances, 707
pensions, annuities or optional retirement allowances paid by any 708
public or governmental retirement system not designated in 709
paragraph (k) or any private retirement system or plan of which 710
the recipient was a member at any time during the period of his 711
employment. Amounts received as a distribution under a Roth 712
Individual Retirement Account shall be treated in the same manner 713
as provided under the Internal Revenue Code of 1986, as amended. 714
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The exemption allowed under this paragraph (l) shall be available 715
to the spouse or other beneficiary at the death of the primary 716
retiree. 717
(m) National Guard or Reserve Forces of the United 718
States compensation not to exceed the aggregate sum of Five 719
Thousand Dollars ($5,000.00) for any taxable year through the 2005 720
taxable year, and not to exceed the aggregate sum of Fifteen 721
Thousand Dollars ($15,000.00) for any taxable year thereafter. 722
(n) Compensation received for active service as a 723
member below the grade of commissioned officer and so much of the 724
compensation as does not exceed the maximum enlisted amount 725
received for active service as a commissioned officer in the Armed 726
Forces of the United States for any month during any part of which 727
such members of the Armed Forces (i) served in a combat zone as 728
designated by Executive Order of the President of the United 729
States or a qualified hazardous duty area as defined by federal 730
law, or both; or (ii) was hospitalized as a result of wounds, 731
disease or injury incurred while serving in such combat zone. For 732
the purposes of this paragraph (n), the term "maximum enlisted 733
amount" means and has the same definition as that term has in 26 734
USCS 112. 735
(o) The proceeds received from federal and state 736
forestry incentive programs. 737
(p) The amount representing the difference between the 738
increase of gross income derived from sales for export outside the 739
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United States as compared to the preceding tax year wherein gross 740
income from export sales was highest, and the net increase in 741
expenses attributable to such increased exports. In the absence 742
of direct accounting, the ratio of net profits to total sales may 743
be applied to the increase in export sales. This paragraph (p) 744
shall only apply to businesses located in this state engaging in 745
the international export of Mississippi goods and services. Such 746
goods or services shall have at least fifty percent (50%) of value 747
added at a location in Mississippi. 748
(q) Amounts paid by the federal government for the 749
construction of soil conservation systems as required by a 750
conservation plan adopted pursuant to 16 USCS 3801 et seq. 751
(r) The amount deposited in a medical savings account, 752
and any interest accrued thereon, that is a part of a medical 753
savings account program as specified in the Medical Savings 754
Account Act under Sections 71-9-1 through 71-9-9; provided, 755
however, that any amount withdrawn from such account for purposes 756
other than paying eligible medical expense or to procure health 757
coverage shall be included in gross income. 758
(s) Amounts paid by the Mississippi Soil and Water 759
Conservation Commission from the Mississippi Soil and Water 760
Cost-Share Program for the installation of water quality best 761
management practices. 762
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(t) Dividends received by a holding corporation, as 763
defined in Section 27-13-1, from a subsidiary corporation, as 764
defined in Section 27-13-1. 765
(u) Interest, dividends, gains or income of any kind on 766
any account in the Mississippi Affordable College Savings Trust 767
Fund, as established in Sections 37-155-101 through 37-155-125, to 768
the extent that such amounts remain on deposit in the MACS Trust 769
Fund or are withdrawn pursuant to a qualified withdrawal, as 770
defined in Section 37-155-105. 771
(v) Interest, dividends or gains accruing on the 772
payments made pursuant to a prepaid tuition contract, as provided 773
for in Section 37-155-17. 774
(w) Income resulting from transactions with a related 775
member where the related member subject to tax under this chapter 776
was required to, and did in fact, add back the expense of such 777
transactions as required by Section 27-7-17(2). Under no 778
circumstances may the exclusion from income exceed the deduction 779
add-back of the related member, nor shall the exclusion apply to 780
any income otherwise excluded under this chapter. 781
(x) Amounts that are subject to the tax levied pursuant 782
to Section 27-7-901, and are paid to patrons by gaming 783
establishments licensed under the Mississippi Gaming Control Act. 784
(y) Amounts that are subject to the tax levied pursuant 785
to Section 27-7-903, and are paid to patrons by gaming 786
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establishments not licensed under the Mississippi Gaming Control 787
Act. 788
(z) Interest, dividends, gains or income of any kind on 789
any account in a qualified tuition program and amounts received as 790
distributions under a qualified tuition program shall be treated 791
in the same manner as provided under the United States Internal 792
Revenue Code, as amended. For the purposes of this paragraph (z), 793
the term "qualified tuition program" means and has the same 794
definition as that term has in 26 USCS 529. 795
(aa) The amount deposited in a health savings account, 796
and any interest accrued thereon, that is a part of a health 797
savings account program as specified in the Health Savings 798
Accounts Act created in Sections 83-62-1 through 83-62-9; however, 799
any amount withdrawn from such account for purposes other than 800
paying qualified medical expenses or to procure health coverage 801
shall be included in gross income, except as otherwise provided by 802
Sections 83-62-7 and 83-62-9. 803
(bb) Amounts received as qualified disaster relief 804
payments shall be treated in the same manner as provided under the 805
United States Internal Revenue Code, as amended. 806
(cc) Amounts received as a "qualified Hurricane Katrina 807
distribution" as defined in the United States Internal Revenue 808
Code, as amended. 809
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(dd) Amounts received by an individual which may be 810
excluded from income as foreign earned income for federal income 811
tax purposes. 812
(ee) Amounts received by a qualified individual, 813
directly or indirectly, from an employer or nonprofit housing 814
organization that are qualified housing expenses associated with 815
an employer-assisted housing program. For purposes of this 816
paragraph (ee): 817
(i) "Qualified individual" means any individual 818
whose household income does not exceed one hundred twenty percent 819
(120%) of the area median gross income (as defined by the United 820
States Department of Housing and Urban Development), adjusted for 821
household size, for the area in which the housing is located. 822
(ii) "Nonprofit housing organization" means an 823
organization that is organized as a not-for-profit organization 824
under the laws of this state or another state and has as one of 825
its purposes: 826
1. Homeownership education or counseling; 827
2. The development of affordable housing; or 828
3. The development or administration of 829
employer-assisted housing programs. 830
(iii) "Employer-assisted housing program" means a 831
separate written plan of any employer (including, without 832
limitation, tax-exempt organizations and public employers) for the 833
exclusive benefit of the employer's employees to pay qualified 834
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housing expenses to assist the employer's employees in securing 835
affordable housing. 836
(iv) "Qualified housing expenses" means: 837
1. With respect to rental assistance, an 838
amount not to exceed Two Thousand Dollars ($2,000.00) paid for the 839
purpose of assisting employees with security deposits and rental 840
subsidies; and 841
2. With respect to homeownership assistance, 842
an amount not to exceed the lesser of Ten Thousand Dollars 843
($10,000.00) or six percent (6%) of the purchase price of the 844
employee's principal residence that is paid for the purpose of 845
assisting employees with down payments, payment of closing costs, 846
reduced interest mortgages, mortgage guarantee programs, mortgage 847
forgiveness programs, equity contribution programs, or 848
contributions to homebuyer education and/or homeownership 849
counseling of eligible employees. 850
(ff) For the 2010 taxable year and any taxable year 851
thereafter, amounts converted in accordance with the United States 852
Internal Revenue Code, as amended, from a traditional Individual 853
Retirement Account to a Roth Individual Retirement Account. The 854
exemption allowed under this paragraph (ff) shall be available to 855
the spouse or other beneficiary at the death of the primary 856
retiree. 857
(gg) Amounts received for the performance of disaster 858
or emergency-related work as defined in Section 27-113-5. 859
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(hh) The amount deposited in a catastrophe savings 860
account established under Sections 27-7-1001 through 27-7-1007, 861
interest income earned on the catastrophe savings account, and 862
distributions from the catastrophe savings account; however, any 863
amount withdrawn from a catastrophe savings account for purposes 864
other than paying qualified catastrophe expenses shall be included 865
in gross income, except as otherwise provided by Sections 866
27-7-1001 through 27-7-1007. 867
(ii) Interest, dividends, gains or income of any kind 868
on any account in the Mississippi Achieving a Better Life 869
Experience (ABLE) Trust Fund, as established in Chapter 28, Title 870
43, to the extent that such amounts remain on deposit in the ABLE 871
Trust Fund or are withdrawn pursuant to a qualified withdrawal, as 872
defined in Section 43-28-11. 873
(jj) Subject to the limitations provided under Section 874
27-7-1103, amounts deposited into a first-time homebuyer savings 875
account and any interest or other income earned attributable to an 876
account and monies or funds withdrawn or distributed from an 877
account for the payment of eligible costs by or on behalf of a 878
qualified beneficiary; however, any monies or funds withdrawn or 879
distributed from a first-time homebuyer savings account for any 880
purpose other than the payment of eligible costs by or on behalf 881
of a qualified beneficiary shall be included in gross income. For 882
the purpose of this paragraph (jj), the terms "first-time 883
homebuyer savings account," "eligible costs" and "qualified 884
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beneficiary" mean and have the same definitions as such terms have 885
in Section 27-7-1101. 886
(kk) Amounts paid by an agricultural disaster program 887
as compensation to an agricultural producer, cattle farmer or 888
cattle rancher who has suffered a loss as the result of a disaster 889
or emergency, including, but not limited to, the following United 890
States Department of Agriculture programs: 891
(i) Livestock Forage Disaster Program; 892
(ii) Livestock Indemnity Program; 893
(iii) Emergency Assistance for Livestock, Honey 894
Bees and Farm-raised Fish Program; 895
(iv) Emergency Conservation Program; 896
(v) Noninsured Crop Disaster Assistance Program; 897
(vi) Pasture, Rangeland, Forage Pilot Insurance 898
Program; 899
(vii) Annual Forage Pilot Program; 900
(viii) Livestock Risk Protection Insurance 901
Program; and 902
(ix) Livestock Gross Margin Insurance Plan. 903
(ll) Amounts received as advances and/or grants under 904
the federal Coronavirus Aid, Relief, and Economic Security Act, 905
the Consolidated Appropriations Act of 2021 and the American 906
Rescue Plan Act. 907
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(mm) Any and all cancelled indebtedness provided for 908
under the Coronavirus Aid, Relief, and Economic Security Act and 909
the Consolidated Appropriations Act of 2021. 910
(nn) Amounts received as payments under Section 911
27-3-85. 912
(oo) Amounts received as grants under the 2020 COVID-19 913
Mississippi Business Assistance Act. 914
(pp) Amounts received as grants under Section 57-1-521. 915
( * * *qq) Amounts received as grants under the 916
Shuttered Venue Operators Grant Program and Restaurant 917
Revitalization Fund authorized by the Economic Aid to Hard-Hit 918
Small Businesses, Nonprofits, and Venues Act, and amended by the 919
American Rescue Plan Act. 920
( * * *rr) Amounts received as grants under the 921
Mississippi Agriculture Stabilization Act. 922
(ss) Amounts received as contributions to an 923
independent contractor's portable benefit account from a hiring 924
party, as authorized under Sections 1 through 4 of this act. 925
(5) Prisoners of war, missing in action-taxable status. 926
(a) Members of the Armed Forces. Gross income does not 927
include compensation received for active service as a member of 928
the Armed Forces of the United States for any month during any 929
part of which such member is in a missing status, as defined in 930
paragraph (d) of this subsection, during the Vietnam Conflict as a 931
result of such conflict. 932
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(b) Civilian employees. Gross income does not include 933
compensation received for active service as an employee for any 934
month during any part of which such employee is in a missing 935
status during the Vietnam Conflict as a result of such conflict. 936
(c) Period of conflict. For the purpose of this 937
subsection, the Vietnam Conflict began February 28, 1961, and ends 938
on the date designated by the President by Executive Order as the 939
date of the termination of combatant activities in Vietnam. For 940
the purpose of this subsection, an individual is in a missing 941
status as a result of the Vietnam Conflict if immediately before 942
such status began he was performing service in Vietnam or was 943
performing service in Southeast Asia in direct support of military 944
operations in Vietnam. "Southeast Asia," as used in this 945
paragraph, is defined to include Cambodia, Laos, Thailand and 946
waters adjacent thereto. 947
(d) "Missing status" means the status of an employee or 948
member of the Armed Forces who is in active service and is 949
officially carried or determined to be absent in a status of (i) 950
missing; (ii) missing in action; (iii) interned in a foreign 951
country; (iv) captured, beleaguered or besieged by a hostile 952
force; or (v) detained in a foreign country against his will; but 953
does not include the status of an employee or member of the Armed 954
Forces for a period during which he is officially determined to be 955
absent from his post of duty without authority. 956
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(e) "Active service" means active federal service by an 957
employee or member of the Armed Forces of the United States in an 958
active duty status. 959
(f) "Employee" means one who is a citizen or national 960
of the United States or an alien admitted to the United States for 961
permanent residence and is a resident of the State of Mississippi 962
and is employed in or under a federal executive agency or 963
department of the Armed Forces. 964
(g) "Compensation" means (i) basic pay; (ii) special 965
pay; (iii) incentive pay; (iv) basic allowance for quarters; (v) 966
basic allowance for subsistence; and (vi) station per diem 967
allowances for not more than ninety (90) days. 968
(h) If refund or credit of any overpayment of tax for 969
any taxable year resulting from the application of this subsection 970
(5) is prevented by the operation of any law or rule of law, such 971
refund or credit of such overpayment of tax may, nevertheless, be 972
made or allowed if claim therefor is filed with the Department of 973
Revenue within three (3) years after the date of the enactment of 974
this subsection. 975
(i) The provisions of this subsection shall be 976
effective for taxable years ending on or after February 28, 1961. 977
(6) A shareholder of an S corporation, as defined in Section 978
27-8-3(1)(g), shall take into account the income, loss, deduction 979
or credit of the S corporation only to the extent provided in 980
Section 27-8-7(2). 981
H. B. No. 1072 *HR43/R1424* ~ OFFICIAL ~
26/HR43/R1424
PAGE 41 (RKM\KP)
ST: Voluntary Portable Benefit Plan Act; create
for contributions by hiring parties to
independent contractors' portable benefit
accounts.
SECTION 7. Sections 1 through 4 of this act shall take 982
effect and be in force from and after July 1, 2026. Sections 5 983
and 6 of this act shall take effect and be in force from and after 984
January 1, 2027. 985