This bill amends Minnesota Statutes to modify the education and experience requirements for certified public accountants (CPAs) and establishes reciprocity for licensed public accountants. Specifically, it introduces a transitional period until July 1, 2030, during which individuals can qualify for CPA certification under the existing requirements or the new standards set to take effect after that date. The new requirements stipulate that, starting July 1, 2030, applicants must either hold a master's degree with one year of acceptable experience or a bachelor's degree with two years of acceptable experience. The bill also clarifies the types of acceptable experience and includes provisions for individuals who have been licensed in other states.

Additionally, the bill modifies the reciprocity provisions for out-of-state CPAs, allowing those with valid licenses from other states to practice in Minnesota without needing to obtain a Minnesota license, provided they meet certain criteria. The bill repeals a specific Minnesota rule related to substantial equivalency verification, streamlining the process for out-of-state accountants. The effective date for these changes is set for the day following final enactment.

Statutes affected:
Introduction: 326A.03, 326A.14