BILL NUMBER: S6891B
SPONSOR: STAVISKY
 
TITLE OF BILL:
An act to amend the education law, in relation to clarifying the
requirements for a certified public accountant
 
PURPOSE OR GENERAL IDEA OF BILL:
Authorizes the establishment of an additional pathway to CPA licensure
and enhance practice mobility.
 
SUMMARY OF PROVISIONS:
Section 1. Amends section 7404 of the education law to create an addi-
tional path to CPA licensure that would require a bachelor's degree, the
passage of a CPA exam and two years of professional experience.
Section 2. Amends section 7406 of the education law to seek to shift to
an "individual-based" mobility model that incorporates a CPA's ability
to practice across state lines. The amendment would also add language to
ensure CPAs meet exiting licensure requirements.
Section 3. Effective Date.
 
JUSTIFICATION:
Currently, CPA candidates must obtain 150 hours of higher education, or
a master's degree, one year of experience and passage of the CPA exam in
order to obtain a CPA license. This legislation would add an alternative
route to licensure by allowing candidates to earn a bachelor's or
120-credit hours with 2 years of relative experience. This change will
allow students to begin earning money sooner in their career while also
avoiding the cost of an additional year of college.
This bill will help address the shrinking pool of CPAs both in New York
and nationally, putting businesses, governmental agencies, individual
taxpayers and capital markets at risk due to a shortage of these trusted
financial professionals. Many other states are adopting this alternative
pathway, encouraging students to leave New York and to obtain their CPA
license in states that allow for the 120-hour pathway. Creating addi-
tional pathways to licensure will allow more opportunity for underprivi-
leged and minority students to enter the accounting profession.
Additionally, this bill ensures continued interstate practice mobility
for CPAs and makes it clear that as tong as an out-of-state CPA has a
license in good standing and has passed the uniform CPA Examination,
they are welcome in New York without needing a reciprocal license, white
still being subject to New York's laws and regulations.
 
PRIOR LEGISLATIVE HISTORY:
New Bill.
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
TBD
 
EFFECTIVE DATE:
This act shall take effect twelve months after it shall become a taw.

Statutes affected:
S6891: 7406 education law, 7406(2) education law
S6891A: 7406 education law, 7406(2) education law
S6891B: 7406 education law, 7406(2) education law