The bill H.707 proposes significant changes to the licensure process for certified public accountants (CPAs) in Vermont. It introduces an additional pathway for candidates to qualify for the CPA licensing exam by allowing a combination of education and experience. Specifically, candidates can now meet the requirements through various educational backgrounds, including a post-baccalaureate degree with one year of public accounting experience, 150 semester hours of college credit with one year of experience, or a baccalaureate degree with two years of experience. The bill also establishes a mobility practice privilege, enabling CPAs licensed in other states to practice in Vermont without needing to obtain a separate state license.

In terms of legal language adjustments, the bill amends several sections of the Vermont Statutes Annotated (V.S.A.) related to CPA licensure. Notably, it replaces the term "substantial equivalency" with "mobility" in defining the principal place of business and modifies the criteria for licensure by endorsement to require that the education and experience of out-of-state applicants be "comparable" rather than "substantially equal." Additionally, it clarifies the requirements for individuals whose principal place of business is outside Vermont, ensuring they can continue practicing in the state under certain conditions. The bill is set to take effect upon passage.

Statutes affected:
As Introduced: 26-13, 26-71a, 26-72b, 26-74c, 26-75