This bill revises the requirements for obtaining a public accountancy license in New Jersey, emphasizing the need for applicants to possess either a baccalaureate degree or have completed 150 hours of education focused on accounting and related professional courses from an accredited institution. The previous requirement of 120 semester hours has been removed, and the definition of "principal place of business" has been updated to prioritize "mobility practice privileges and reciprocity" over "substantial equivalency." Additionally, the bill clarifies that 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.

Moreover, 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 licensure requirements, notify the board, or pay any fees. It also specifies the experience requirements for licensure, indicating that applicants must have two years of relevant experience if they apply under the first educational criterion or one year if they apply under the second criterion of completing 150 hours of education. The overall aim of the bill is to streamline the licensure process while ensuring that applicants meet the necessary educational and professional standards.

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