Senate Commerce Committee Statement to Senate, No. 4493 — State of New Jersey (June 12, 2025)

Summary

The Senate Commerce Committee of the State of New Jersey, in a statement dated June 12, 2025, reports favorably Senate Bill No. 4493, which updates how an individual may obtain a license in public accountancy from the New Jersey State Board of Accountancy. An individual must hold at least a baccalaureate degree or its equivalent, or have completed 150 hours of education, with a concentration in accounting. For out-of-State individuals the bill replaces substantial equivalence with comparable standards and drops the National Association of State Boards of Accountancy standards. As reported, the bill is identical to Assembly Bill No. 5598 (1R).

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SENATE COMMERCE COMMITTEE

STATEMENT TO

SENATE, No.
4493

STATE
OF NEW JERSEY

DATED: JUNE
12, 2025

The Senate Commerce Committee reports favorably Senate
Bill No. 4493.

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

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