This bill modifies the requirements for obtaining a certified public accountant (CPA) certificate in Minnesota, specifically addressing education and experience standards. It establishes a transitional period until July 1, 2030, during which applicants can qualify for a CPA certificate under either the current requirements or the new standards set to take effect after that date. The new standards will require applicants to have either a master's degree with one year of experience or a bachelor's degree with two years of experience, both from accredited institutions. Additionally, the bill specifies that acceptable experience can be gained through various employment settings, including government and public practice.

Furthermore, the bill introduces reciprocity provisions for licensed public accountants from other states, allowing them to practice in Minnesota without needing to obtain a separate license, provided they meet certain criteria, such as holding a valid license in good standing and passing the Uniform CPA Examination. The bill also repeals a specific Minnesota rule related to substantial equivalency verification 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