The bill amends the Occupational Code, specifically sections 725 and 727a, to update the requirements for obtaining a certificate as a certified public accountant (CPA) in Michigan. Key changes include the adjustment of educational requirements, where candidates must complete a minimum of 150 semester hours of college education until December 31, 2026, and then a reduced requirement of 120 semester hours starting January 1, 2027. Additionally, the bill specifies that applicants must have one year of verified qualifying experience in various accounting-related fields, and it clarifies that nonprofessional and paraprofessional work will not count towards this experience.

Furthermore, the bill outlines the practice privileges for individuals whose principal place of business is outside Michigan, allowing them to practice public accountancy without needing a state certificate or license if they hold a valid CPA license from another jurisdiction with equivalent requirements. The amendments also ensure that individuals who passed the CPA exam and obtained their license before January 1, 2012, are exempt from certain educational requirements. Overall, the bill aims to modernize the CPA certification process and facilitate the practice of accounting across state lines.

Statutes affected:
House Introduced Bill: 339.725, 339.727