Bill
Bill > S4493
summary
Introduced
05/22/2025
05/22/2025
In Committee
06/12/2025
06/12/2025
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill updates the means by which an individual may obtain a license in public accountancy by the New Jersey State Board of Accountancy. Under the bill, an individual is to have at least a baccalaureate or higher degree or its equivalent. The bill further stipulates that an individual is to not be licensed unless they have earned that degree or have successfully completed 150 hours of education. The degree earned or 150 hours of education completed are to be obtained from an institution of higher education accredited by a regional accrediting agency recognized by the Commission on Higher Education and are to demonstrate a concentration in accounting or its equivalent and related professional courses, as determined by the board. The bill also removes substantial equivalence as the standard to be met for out-of-State individuals and instead requires comparable standards to be met, among other items, for the individual to receive a New Jersey license. Additionally, the bill removes the need to meet standards established by the National Association of State Boards of Accountancy in order to qualify for licensure as an out-of-State individual. An individual is to, instead, hold a current valid and unrevoked license in another U.S. jurisdiction; pass the Uniform Certified Public Accountant Examination or any other examination approved by the board; and has one year of experience as required by current law. The bill further stipulates that an individual who holds a current valid license from the other state prior to December 31, 2025 and as of that date, has practice privileges in New Jersey is allowed to continue having all the privileges of licensed certified public accountants of the State without the need to obtain a license pursuant to the other requirements of current law, to notify the board, or to pay any fee. Moreover, on experience, the bill delineates the individuals who need to complete two years of certain experience and one year. Lastly, the bill also updates when examination waivers apply to individuals.
AI Summary
This bill modifies the requirements for obtaining a license in public accountancy in New Jersey, making several key changes to existing law. For individuals seeking licensure, the bill now requires either a baccalaureate or higher degree, or successful completion of 150 hours of education from an accredited institution with a concentration in accounting or related professional courses. The bill eliminates the previous "substantial equivalence" standard for out-of-state applicants, instead requiring individuals to hold a current, valid, and unrevoked license from another state, pass the Uniform Certified Public Accountant Examination (or an approved alternative), and have one year of professional experience. The legislation also updates experience requirements, specifying that some applicants will need two years of experience while others will need one year, depending on their educational background. Additionally, the bill provides a grandfather clause for individuals who held a valid out-of-state license prior to December 31, 2025, allowing them to continue practicing in New Jersey without obtaining a new license, notifying the board, or paying additional fees. These changes aim to standardize and clarify the licensure process for certified public accountants in New Jersey, ensuring that professionals meet consistent educational, examination, and experience standards.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (1)
Last Action
Referred to Senate Budget and Appropriations Committee (on 06/12/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S4493 |
| Analysis - Statement SCM 6/12/25 | https://pub.njleg.gov/Bills/2024/S4500/4493_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S4500/4493_I1.HTM |
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