This bill revises the licensure requirements for public accountants in New Jersey, allowing applicants to meet educational criteria by either obtaining a baccalaureate degree or completing 150 hours of education focused on accounting from an accredited institution. It also redefines "principal place of business" to prioritize "mobility" and "practice privileges and reciprocity" over the previous standard of "substantial equivalency." Additionally, the bill alters the criteria for out-of-state applicants by removing the requirement for their qualifications to be "substantially equivalent" to New Jersey's standards, instead requiring them to meet "comparable" standards for licensure.

Moreover, the bill eliminates the necessity for out-of-state applicants to comply with the standards set by the National Association of State Boards of Accountancy. Instead, they must hold a valid license from another U.S. jurisdiction, pass the Uniform Certified Public Accountant Examination or an approved alternative, and have one year of relevant experience. It also allows individuals with a valid license from another state and practice privileges in New Jersey before December 31, 2025, to retain those privileges without meeting the new requirements. The bill further clarifies experience requirements and updates conditions for examination waivers, aiming to streamline the licensure process and enhance mobility for certified public accountants.

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