House Bill No. 7020, also known as Public Act No. 25-36, amends the statutes governing certified public accountants (CPAs) in Connecticut by introducing new definitions and clarifications for terms such as "Board," "Certificate," "License," and "Practicing public accountancy." The bill updates language to be more inclusive, replacing terms like "him" with "himself, herself, or itself," and repeals certain definitions, such as "NASBA," in favor of updated terms like "PCAOB." It empowers the State Board of Accountancy to adopt regulations regarding the conduct of licensees, educational qualifications, and continuing professional education, with the aim of enhancing the regulatory framework for public accountancy, effective from October 1, 2025.

Additionally, the bill modifies the requirements for obtaining a CPA certificate by removing the "good character" requirement and introducing new educational prerequisites, including a baccalaureate degree with an accounting concentration and additional semester hours. It also adjusts experience requirements based on educational backgrounds and outlines new regulations for CPA title usage, quality reviews, and fee schedules. Furthermore, the bill facilitates practice privileges for out-of-state CPAs, allowing them to practice in Connecticut without a state license if they meet specific criteria. It replaces "practice privilege" with "privileges" and deletes provisions regarding substantial equivalency, aiming for a more streamlined approach to qualifications while ensuring compliance with state laws.

Statutes affected:
Raised Bill: 20-279b, 20-281c, 20-281n
GL Joint Favorable: 20-279b, 20-281c, 20-281n
File No. 361: 20-279b, 20-281c, 20-281n
File No. 812: 20-279b, 20-281c, 20-281n
Public Act No. 25-36: 20-279b, 20-281c, 20-281n