‘Minority Non-CPA Ownership’ Bill Going to Governor for Signature
Great news from the last few minutes of the legislative session!
At 11:58 p.m. on Wednesday, May 9, 2012, HB 5025, “An Act Concerning the Ownership of Public Accounting Firms,” passed the state Senate after having passed in the House of Representatives about five hours earlier. The bill will now go to Governor Dannel Malloy for signature.
The bill allows minority equity ownership of CPA firms by non-CPA individuals who are actively engaged in the servicing of clients or the administration of the firm, up to a maximum total of 49 percent. If signed into law, the bill will make Connecticut the 49th jurisdiction to provide for minority non-CPA ownership of firms.
HB 5025 is supported by both the Connecticut State Board of Accountancy and the Connecticut Society of CPAs, and was included in a package of legislature submitted to the General Assembly by the Office of the Secretary of the State.