Governor Rell Signs 120/150 Legislation into LawPublic Act 07-7 Effective Immediately, but Regulatory Update RequiredOn Thursday, April 26, 2007, Governor M. Jodi Rell signed Public Act 07-7 “An Act Concerning the Educational Requirements for Applying to take the Certified Public Accountant Examination” into law. Public Act 07-7 became effective upon her signature; however, the State Board of Accountancy must now update the accountancy regulations to accommodate the change in the law. The State Board of Accountancy’s agenda for it May 1, 2007 meeting did indeed include “…begin drafting Regulation which defines accounting concentration for possible new education requirement…” as an “action required” item under “Regulatory Activity.” Public Act 07-7 (Raised Bill No. 1141) became known as the “120/150 legislation” in that it enables candidates to sit for the Uniform CPA Examination upon conferral of a bachelor’s degree (120 credit hours) while still requiring a fifth year of education (an additional 30 credit hours for a total of 150 credit hours) for certification and licensing as a Connecticut Certified Public Accountant. The 120/150 legislation will now provide candidates with greater flexibility in the timing of their sitting for the Exam while completely maintaining the existing standards to become a Connecticut CPA. The CSCPA leadership extends its sincere appreciation to Governor Rell for signing Public Act 07-7, and to the members of the General Assembly for unanimously supporting the 120/150 legislation, and, in particular, the members of the Higher Education and Employment Advancement Committee, especially the Committee’s Senate Chair Joan Hartley (D-15th, Deputy President Pro Tempore) and Vice Chair Thomas P. Gaffey (D-13th, Chief Deputy President Pro Tempore) and the Committee’s House Chair Roberta Willis (D-64th) and Committee members Rep. Toni Boucher (R-143rd, Assistant Republican Leader), Rep. Jim O’Rourke (D-32nd, Assistant Majority Whip), and Pamela Z. Sawyer (R-55th, Republican Whip).
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