ND HB1156

Allows accounting firms to be wholly owned by qualified retirement plans, including employee stock ownership plans (ESOPs), under Internal Revenue Code sections 401(a) and 4975(e)(7)

Requires that at least 51% of the beneficial ownership of such qualified plans belong to certified or licensed public accountants from a recognized jurisdiction

Mandates that a simple majority of the board of directors of ESOP-owned firms must be licensed CPAs or public accountants

Expands minority ownership authorization for professional organizations to include both accounting firms (chapter 43-02.2) and abstracters (chapter 43-03)

Passed unanimously in both chambers: House 91-0, Senate 47-0