Kentucky HB 45: AN ACT relating to leave from employment.

Bill Text

CHAPTER 21
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1
CHAPTER 21
( HB 45 )
AN ACT relating to the licensure of certified public accountants.
Be it enacted by the General Assembly of the Commonwealth of Kentucky:
Section 1. KRS 325.261 is amended to read as follows:
The license of "certified public accountant" shall be granted by the board to any person who satisfies the following
requirements:
(1) Is no less than eighteen (18) years of age;
(2) Is of good moral character;
(3) Has completed at least one (1) of the following:
(a) A post-baccalaureate or higher degree conferred by a college or university recognized by the board
with a major or concentration in accounting or its equivalent, as defined in administrative
regulations promulgated by the board;
(b) A baccalaureate degree plus an additional thirty (30) semester credit hours, conferred by a college or
university acceptable to the board, provided the total educational program includes a concentration
in accounting or its equivalent, as defined in administrative regulations promulgated by the board; or
(c) A baccalaureate degree[ or master's degree] conferred by a college or university recognized by the
board with a major or concentration in accounting or its equivalent, as defined in administrative
regulations promulgated by the board;
(4) Passes a board-approved examination in accounting, auditing, and other related subjects as the board deems
appropriate. To be eligible to apply for the examination, a person shall first satisfy the requirement of
subsections (1), (2), and [to ](3) of this section;
(5) [Completes one hundred fifty (150) college semester hours that include a baccalaureate or masters degree
conferred by a college or university recognized by the board with a major or concentration in accounting or its
equivalent, as defined in administrative regulations promulgated by the board;
(6) ]Obtains one (1) year of accounting or attest experience if applying for a license based on the educational
requirement under subsection (3)(a) or (b) of this section, or obtains two (2) years of accounting or attest
experience if applying for a license based on the educational requirement under subsection (3)(c) of this
section. The experience required by this subsection shall be obtained:
(a) While employed in[ an accounting or auditing position in] public practice, industry, or government
and[that] shall be verified by a certified public accountant who, during the time being verified, held an
active license to practice from any state;[. The one (1) year of experience required under this subsection
shall be obtained:]
(b)[(a)] After the completion of the education requirements established in subsection (3)(c) of this
section; and
(c)[(b)] Within five (5) years from the date the candidate successfully completed the examination;
(6)[(7)] At the time of applying for a license is a United States citizen, a citizen of a foreign country who is
legally residing in the United States, or is an employee of a public accounting firm, company, or an institution
of postsecondary education located outside the United States, but which has an office or campus located in the
United States; and
(7)[(8)] Submits a complete application for a license to practice as a certified public accountant in accordance
with KRS 325.330.
Section 2. KRS 325.282 is amended to read as follows:
(1) A person who does not have an office located in this state and holds a valid license in good standing to
practice as a certified public accountant from any state [:

ACTS OF THE GENERAL ASSEMBLY 2
(a) Does not have an office located in this state;
(b) Holds a valid and active license to practice as a certified public accountant from any state that the board has
determined to have licensure requirements substantially equivalent to those found in this chapter and the
accompanying administrative regulations promulgated thereunder; and
(c) Offers to perform or performs a regulated activity in person or by mail, telephone, or other electronic means in
this state;
]shall have all the practice privileges granted to the holder of a license issued under this chapter without
having to obtain a license from the board if at the time of initial licensure, the person was required to show
evidence of having met the following requirements:
(a) Passage of a board-approved examination in accounting, auditing, and other related subjects as the
board deems appropriate; and
(b) Attainment of the education and experience requirements set forth in subsections (3) and (5) of
Section 1 of this Act.
(2) A person whose principal place of business is not in this state shall continue to have all the privileges of
licensees in this state without the need to obtain a license from the board if, as of June 30, 2025, the person:
(a) Holds a valid license as a certified public accountant from any state; and
(b) Has practice privileges in this state under this chapter.
(3)[(2)] Notwithstanding any other provision of this chapter,