The proposed bill amends various sections of the Reissue Revised Statutes of Nebraska and the Revised Statutes Cumulative Supplement, 2024, focusing on the regulation of certified public accountants (CPAs). Key changes include the reduction of required academic credit hours for initial examination eligibility from 150 to 120 semester hours, effective January 1, 2025. The bill also introduces new criteria for obtaining a permit, which includes specific educational and experience requirements, and allows for waivers of examination and educational requirements for certain applicants with reciprocal certificates. Additionally, it clarifies that out-of-state CPAs can practice in Nebraska without a local permit if they hold an active license from another state and meet educational and examination standards.

Furthermore, the bill revises the disciplinary actions that the board may take against CPAs and public accountants by removing the term "disciplinary" from the language regarding the board's authority to act against individuals for various causes, including fraud and dishonesty. It specifies that revocation orders for failure to obtain a permit will be considered nondisciplinary. The bill outlines the board's actions following a hearing, including censure, suspension, probation, and civil penalties, while also stating that civil penalties cannot be imposed for certain causes, particularly those related to criminal convictions. Overall, these amendments aim to modernize the CPA licensing process and refine the disciplinary framework in Nebraska.

Statutes affected:
Introduced: 1-136.04, 1-116, 1-117, 1-124, 1-125.01, 1-136.02, 1-137, 1-148