This bill modifies the requirements for obtaining a certified public accountant (CPA) certificate in Minnesota, establishing a transitional period until July 1, 2030. It amends Minnesota Statutes 2024, section 326A.03, to specify that individuals seeking certification must complete either a master's degree with one year of experience or a bachelor's degree with two years of experience after June 30, 2030. The bill also introduces a transitional provision allowing individuals to qualify for certification under the existing requirements until the specified date. Additionally, it sets an expiration date for these provisions on July 1, 2030.

Furthermore, the bill amends section 326A.14 to establish reciprocity for licensed public accountants from other states, allowing them to practice in Minnesota without obtaining a state license if they meet certain criteria, including holding a valid license in good standing and passing the Uniform CPA Examination. The bill repeals Minnesota Rules, part 1105.7900, item D, which previously required verification of substantial equivalency for out-of-state CPAs. The effective date for these changes is the day following final enactment.

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