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 certification 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. Additionally, the bill specifies that acceptable experience can be gained in various sectors, including government and public practice, and includes provisions for experience as an auditor in specific state offices.

Furthermore, the bill introduces changes to the mobility provisions for licensed public accountants, allowing individuals with valid licenses from other states to practice in Minnesota without needing to obtain a state license, provided they meet certain criteria. The language regarding "substantial equivalency" is replaced with "mobility," streamlining the process for out-of-state CPAs. The bill also repeals a specific Minnesota rule related to substantial equivalency verification, simplifying the requirements for those seeking to practice in Minnesota. The effective date for these changes is set for January 1, 2026, while the repeal of the rule takes effect immediately upon final enactment.

Statutes affected:
Introduction: 326A.03, 326A.14
1st Engrossment: 326A.03, 326A.14