This bill amends the requirements for obtaining a public accountancy license in New Jersey, allowing applicants to meet educational criteria by either earning a baccalaureate degree or completing 150 hours of education focused on accounting from an accredited institution, as determined by the New Jersey State Board of Accountancy. It also updates the definition of "principal place of business" to reflect a more mobile practice environment, replacing the term "substantial equivalency."

Additionally, the bill modifies the licensure process for out-of-state applicants by removing the substantial equivalence requirement and instead requiring them to meet comparable standards. It eliminates the need for adherence to the National Association of State Boards of Accountancy standards for licensure. Out-of-state applicants must now hold a valid license from another U.S. jurisdiction, pass the Uniform Certified Public Accountant Examination or an approved alternative, and have relevant experience. Furthermore, individuals with a valid license from another state before December 31, 2025, can retain their practice privileges in New Jersey without meeting the new requirements, and the bill clarifies the experience requirements for licensure.

Statutes affected:
Introduced: 45:2B-44, 45:2B-49, 45:2B-50.1, 45:2B-51, 45:2B-53