H 707

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1H.707
2 Introduced by Representatives Kimbell of Woodstock and Branagan of
3Georgia
4 Referred to Committee on
5 Date:
6 Subject: Professions and occupations; accountants
7 Statement of purpose of bill as introduced: This bill proposes to add a pathway
8 for candidates seeking licensure as a certified public accountant via an
9 additional combination of education and experience to be eligible to take the
10 licensing exam. This bill also proposes to adopt a mobility practice privilege
11 for qualified certified public accountant licensees of other states to practice
12 accountancy in Vermont without obtaining a license in this State.
13    An act relating to certified public accountant licensure
14 It is hereby enacted by the General Assembly of the State of Vermont:
15 Sec. 1. 26 V.S.A. § 13 is amended to read:
16 § 13. DEFINITIONS
17    As used in this chapter:
18***
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1(11) “Principal place of business” means the office location designated
2 by the licensee for the purposes of substantial equivalency mobility and
3 reciprocity.
4***
5 Sec. 2. 26 V.S.A. § 71a is amended to read:
6 § 71a. LICENSE BY EXAMINATION
7    (a) A license as a “certified public accountant” shall be granted by the
8 Board to any person:
9(1) who is of good character;
10(2) who completes any one of the following requirements for education
11 and experience:
12(A) a post-baccalaureate degree from a college or university
13 recognized by the Board with a concentration in accounting or an equivalent
14 and one year of experience in public accounting, meeting the requirements
15 prescribed by Board rule;
16(B) 150 or more semester hours of college credit at a college or
17 university recognized by the Board, including a baccalaureate degree and a
18 minimum of 42 semester hours of accounting, auditing, and related subjects as
19 the Board determines to be appropriate, and one year of experience in public
20 accounting, meeting the requirements prescribed by Board rule or other
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1 experience or employment that the Board in its discretion considers
2 substantially equivalent; and or
3(C) a baccalaureate degree from a college or university recognized by
4 the Board with a concentration in accounting or an equivalent and two years of
5 experience in public accounting, meeting the requirements prescribed by Board
6 rule; and
7(3) who has passed the examination required under subsection (b) of this
8 section.
9    (b) The Board shall administer an examination using a nationally
10 recognized uniform certified public accountants’ examination and advisory
11 grading service.
12    (c) An applicant who has not yet completed a baccalaureate degree may sit
13 for the exam upon the completion of 120 semester hours at an institution
14 recognized by the Board, including a minimum of 30 semester hours of
15 accounting, auditing, and related subjects as the Board determines to be
16 appropriate.
17 Sec. 3. 26 V.S.A. § 72b is amended to read:
18 § 72b. LICENSURE BY ENDORSEMENT
19    Without requiring an examination, the Board shall issue an appropriate
20 license to a public accountant who is licensed or certified under the laws of
21 another state:
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1(1) with education, examination, and experience requirements that the
2 Board considers to be substantially equal comparable to those of this State; or
3(2)(A) upon a showing that the applicant has had five years of
4 experience in the practice of public accountancy or meets equivalent
5 requirements prescribed by the Board by rule within the 10 years immediately
6 preceding the application; and
7(B) has fulfilled the requirements of continuing education or
8 continuing professional competence programs that would have been applicable
9 under subsection 75(b) of this title.
10 Sec. 4. 26 V.S.A. § 74c is amended to read:
11 § 74c. SUBSTANTIAL EQUIVALENCY MOBILITY
12    (a) An individual whose principal place of business is not in this State shall
13 be presumed to have qualifications substantially equivalent to this State’s
14 requirements and shall have the privileges of licensure of this State, without
15 the need to obtain a license under section 72b of this title, if the individual:
16(1) holds a valid license as a certified public accountant from a any state
17 the Board determines has licensure requirements substantially equivalent to the
18 requirements of the AICPA/NASBA Uniform Accountancy Act; or
19(2) holds a valid license as a certified public accountant from any state,
20 and the individual obtains verification from the NASBA National Qualification
21 Appraisal Service that the individual’s qualifications are substantially
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1 equivalent to the licensure requirements of the AICPA/NASBA Uniform
2 Accountancy Act. An individual who passed the uniform CPA examination
3 and holds a valid license issued by any state prior to January 1, 2012 shall be
4 exempt from the education requirements of subdivision 5(c)(2) of the Uniform
5 Accountancy Act for purposes of this section. has passed the uniform CPA
6 examination and has met any one of the following requirements for education
7 and experience in accordance with rules adopted by the Board:
8(A) a post-baccalaureate degree from a college or university with a
9 concentration in accounting or an equivalent and one year of experience in
10 public accounting;
11(B) 150 or more semester hours of college credit at a college or
12 university, including a baccalaureate degree and a minimum of 42 semester
13 hours of accounting, auditing, and related subjects, and one year of experience
14 in public accounting; or
15(C) a baccalaureate degree from a college or university with a
16 concentration in accounting or an equivalent and two years of experience in
17 public accounting.
18***
19    (g) An individual whose principal place of business is not in this State, who
20 holds a valid active license as a certified public accountant from any state, and
21 who, as of December 31, 2024, had practice privileges in this State under this
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1 section shall continue to have all the privileges of licensees in this State
2 without the need to obtain a license under section 71a of this title, pursuant to
3 all other requirements of this chapter.
4 Sec. 5. 26 V.S.A. § 75 is amended to read:
5 § 75. RENEWAL
6    (a) Public accountant licenses and firm registrations under this chapter shall
7 be renewed every two years on payment of the required fee.
8    (b) As a condition of renewal of a license as a public accountant, the Board
9 may require that the licensee establish that he or she the licensee has satisfied
10 continuing education requirements established by Board rule.
11    (c) The Board may by rule require, on either a uniform or a random basis,
12 as a condition to renewal of firm registrations under section 74 of this title, that
13 applicants undergo peer reviews conducted no not more frequently than once
14 every three years in such manner and producing such satisfactory result as the
15 Board may specify,; provided, however, that any such requirement:
16(1) shall be adopted reasonably in advance of the time when it is first
17 required to be met; and
18(2) shall include a reasonable provision for compliance by an applicant’s
19 showing that the applicant has undergone a satisfactory peer review performed
20 for other purposes that was substantially equivalent comparable to peer
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1 reviews generally required pursuant to this section, and completion of such
2 review was within the three years immediately preceding the renewal period.
3    (d) Information submitted for peer reviews is exempt from public
4 disclosure under 1 V.S.A. § 317(c)(3) and (6).
5    (e) If a licensee fails to renew within 10 years of following the license
6 lapsing, the licensee must file a new application for licensure and satisfy the
7 initial licensure requirements of the Board in order to obtain a license.
8 Sec. 6. EFFECTIVE DATE
9    This act shall take effect on passage.
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