This bill revises the requirements for obtaining a public accountancy license in New Jersey, focusing on educational qualifications and experience criteria. It establishes that applicants must hold at least a baccalaureate or higher degree, or its equivalent, and have completed 150 hours of education in accounting and related professional courses. The bill replaces the previous standard of "substantial equivalency" for out-of-state applicants with a requirement for comparable standards, eliminating the need for compliance with the National Association of State Boards of Accountancy's standards. Instead, out-of-state applicants 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.

Additionally, the bill introduces provisions for individuals with existing licenses from other states, allowing them to maintain practice privileges in New Jersey without meeting the new licensing requirements, provided they had these privileges before December 31, 2025. It clarifies the experience requirements by specifying the number of years of relevant experience needed based on different educational backgrounds and updates the conditions for examination waivers. Overall, the changes aim to streamline the licensure process while ensuring that applicants meet necessary educational and professional standards.

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