Senate Commerce Committee Statement to Assembly, No. 5598 (1R) — State of New Jersey (June 12, 2025)

Summary

A Senate Commerce Committee statement to the First Reprint of Assembly, No. 5598, State of New Jersey, dated June 12, 2025, reporting the bill favorably. The bill updates how an individual may obtain a license in public accountancy from the New Jersey State Board of Accountancy, requiring at least a baccalaureate degree or completion of 150 hours of education with a concentration in accounting. Out-of-State individuals would meet comparable standards instead of substantial equivalence, and would no longer need to meet National Association of State Boards of Accountancy standards. An individual licensed in another state before December 31, 2025 with practice privileges in New Jersey as of that date could keep those privileges without a New Jersey license. As reported, 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.

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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