This bill revises the licensing requirements for public accountancy in New Jersey, mandating that applicants must have at least a baccalaureate degree or its equivalent, or have completed 150 hours of education from an accredited institution with a focus on accounting or related courses. It also removes the presumption of substantial equivalency for out-of-state applicants, requiring them to hold a valid license from another jurisdiction and pass the Uniform Certified Public Accountant examination or an approved alternative. The bill aims to ensure that all applicants meet consistent educational and professional standards while streamlining the licensure process.

Additionally, the bill allows individuals with a valid license from another state prior to December 31, 2025, who have practice privileges in New Jersey, to retain those privileges without needing to comply with the new requirements, notify the board, or pay any fees. It further clarifies the experience requirements, distinguishing between those who must complete two years versus one year of experience, and updates the conditions under which examination waivers apply. Overall, the bill seeks to enhance the clarity and consistency of the licensure process for public accountants in New Jersey.

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