HF1458

This bill modifies the education and experience requirements for becoming a Certified Public Accountant (CPA) in Minnesota and establishes reciprocity for out-of-state licensed accountants. Key provisions include:

1. Changes in Education & Experience Requirements:

   • Until July 1, 2030, individuals must complete 150 semester or 225 quarter hours of college education and one year of experience in an accounting-related field to qualify as a CPA.
   • After June 30, 2030, individuals must either:
     • Earn a master’s degree and complete one year of work experience, or
     • Earn a bachelor’s degree and complete two years of work experience to qualify.
   • Transitional Period: Until July 1, 2030, candidates can qualify under either the old or new requirements.

2. Reciprocity for Out-of-State CPAs:

   • CPAs from other states with substantially equivalent requirements can practice in Minnesota without obtaining a separate Minnesota license if they:
     • Hold a valid CPA license in good standing from another state.
     • Have at least a bachelor’s degree with an accounting concentration.
     • Have passed the Uniform CPA Exam.
   • CPAs from states not substantially equivalent may still qualify by verifying that their credentials meet Minnesota’s licensure standards.
   • CPAs exercising these privileges must comply with Minnesota laws and are subject to the Minnesota Board of Accountancy’s jurisdiction.

3. Repeal of a Rule:

   • Minnesota Rules part 1105.7900, item D, is repealed. (This section likely contained outdated CPA licensure provisions.)

Overall Impact:

• The bill adjusts the CPA licensure requirements to offer more flexibility and encourage new entrants into the profession.
• It simplifies the process for out-of-state CPAs to practice in Minnesota while maintaining professional standards.
• The transitional period allows candidates flexibility in meeting the new requirements.

Would you like a more detailed breakdown of any section?