This bill modifies the requirements for obtaining a Certified Public Accountant (CPA) certificate in Minnesota and establishes reciprocal licensing provisions for CPAs from other states.

Key Provisions:

1. Changes to Education and Experience Requirements for CPAs:

   • Until June 30, 2030, candidates must complete 150 semester hours (or 225 quarter hours) of accredited college education and have one year of relevant work experience.
   • After July 1, 2030, candidates may qualify in two ways:
     • Option 1: Hold a master’s degree and have at least one year of acceptable work experience.
     • Option 2: Hold a bachelor’s degree and have at least two years of acceptable work experience.
   • A transitional period allows candidates to qualify under either the old or new requirements until July 1, 2030.

2. Reciprocity for Out-of-State Licensed CPAs:

   • CPAs licensed in other states may practice in Minnesota without obtaining a license if they meet "substantial equivalency" standards:
     • Hold an active CPA license in another state that follows similar licensure requirements.
     • Have at least a bachelor’s degree in accounting or an equivalent field.
     • Have passed the Uniform CPA Examination.
   • CPAs from states with non-equivalent licensing standards must provide verification of their credentials to be granted practice privileges.
   • CPAs practicing in Minnesota under this provision must comply with state laws and regulations, and they must cease practice if their home state license is revoked or suspended.

3. Repeal of Existing Rule:

   • The bill repeals Minnesota Rules part 1105.7900, item D, which may contain provisions that conflict with the updated CPA certification and reciprocity framework.

Impact:

• Increases flexibility for CPA licensure by offering multiple pathways for educational and work experience requirements.
• Simplifies reciprocity rules to attract more out-of-state CPAs to work in Minnesota.
• Aligns state law with national standards for CPA certification.