HB 5025 Summary

• Changes ownership requirement for public accounting firms from all owners holding valid licenses to only requiring a simple majority of ownership (financial interests and voting rights) to hold valid licenses issued by any U.S. state or territory (effective July 1, 2012)

• Permits non-licensed proprietors, partners, members, or shareholders to own firms if they are natural persons actively participating in the firm's business, or entities whose beneficial owners actively participate in firm operations

• Requires that any proprietor, partner, member, or shareholder whose principal place of business is in Connecticut and who performs professional services in the state must hold a valid Connecticut license

• Maintains requirements that all attest and compilation services rendered in Connecticut must be under the charge of a licensed person, and firms must register all Connecticut offices with the board

• Allows out-of-state firms without Connecticut offices to use "Certified Public Accountant," "CPA," and similar titles without a permit if they perform services through individuals with practice privileges under section 20-281n and comply with their home state's laws