Bill > S2946

This bill modernizes the requirements for becoming a Certified Public Accountant (CPA) by updating educational and experience criteria, streamlining the process for out-of-state CPAs to practice in the Commonwealth, and establishing new pathways for licensure. Specifically, it revises the educational and experience requirements for a CPA certificate, offering options that include a bachelor's degree with two years of experience, a bachelor's degree with additional coursework and one year of experience, or a master's degree with one year of experience, with the board to set specific educational requirements for the CPA exam through regulations. The bill also amends provisions related to reciprocal licensing for CPAs from other states, allowing them to practice in the Commonwealth if they are licensed and in good standing elsewhere, have passed the Uniform CPA Examination and met educational requirements, or have four years of relevant experience after passing the exam within the last ten years. Furthermore, it clarifies that individuals with a principal place of business outside the Commonwealth can practice here if they hold a valid CPA license from another state, have met specific educational and experience requirements, and passed the Uniform CPA Examination, with a grandfather clause exempting those who passed the exam and obtained a license by December 31, 2025, from certain educational requirements. The bill also removes an outdated provision regarding reciprocal licensing and sets an effective date of January 1, 2027.