Senate Commerce Committee Statement to First Reprint Assembly, No. 5598 (New Jersey, June 12, 2025)

Summary

Senate Commerce Committee Statement to [First Reprint] Assembly, No. 5598, State of New Jersey, dated June 12, 2025. The committee reports favorably Assembly Bill No. 5598 (1R), which updates how an individual may obtain a license in public accountancy from the New Jersey State Board of Accountancy, including at least a baccalaureate or higher degree or its equivalent or 150 hours of education. The bill removes substantial equivalence as the standard for out-of-State individuals and requires comparable standards instead. It provides that an individual with a current valid license from the other state before December 31, 2025 and practice privileges in New Jersey on that date may continue without a license, notice or fee. The statement says the bill is identical to Senate Bill No. 4493.

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     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                       [First Reprint]
               ASSEMBLY, No. 5598

 STATE OF NEW JERSEY
                      DATED: JUNE 12, 2025

    The Senate Commerce Committee reports favorably Assembly Bill
No. 5598 (1R).
    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.
                               2

    As reported by the committee, Assembly Bill No. 5598 (1R) is
identical to Senate Bill No. 4493, which was also reported by the
committee on this date.


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