House Bill 296 (HB 296) relates to the 1999 Public Accountancy Act and serves to: amend definitions; change qualifications for certification; and require practitioners from other states and jurisdictions to have license requirements that are comparable to or exceed New Mexico's requirements. 

 House Bill 296 (HB 296) amends Section 61-28B-3 NMSA 1978, adding a definition of “accounting experience," meaning providing service or advice involving the use of accounting, attest, management advisory, financial advisory, tax or consulting skills as verified by a certified public accountant” and adding a definition of "comparable licensure requirements," meaning requirements that are comparable to or exceed [New Mexico’s] education, examination and experience requirements.

Section 61-28B-8 NMSA 1978 is amended to establish new education requirements for examination as follows:

(1) a baccalaureate degree or its equivalent from a college or university plus completion of an additional thirty semester hours of higher education in accounting or business;
(2) a baccalaureate degree from a college or university with a concentration in accounting or business; or 
(3) a master's degree from a college or university with a concentration in accounting or business. 

The education and accounting experience requirement for a certificate is: 

(1)	a baccalaureate degree or its equivalent plus completion of an additional thirty semester hours of higher education in accounting or business and evidence of at least one year of accounting experience; 

(2)	a baccalaureate degree from a college or university with a concentration in accounting or business and evidence of at least two years of accounting experience; or 

(3)	a master's degree from a college or university with a concentration in accounting or business and evidence of at least one year of accounting experience.

Section 61-28B-11 NMSA 1978 is amended to state that an individual will be granted the privilege to perform, or offer to perform services, without notice to the board or being certified, if the individual holds a valid license or permit in good standing as a certified public accountant or its equivalent issued by another jurisdiction in the United States, provided that the licensee, at the time of licensure, was required to provide evidence of having successfully completed a qualifying exam in accordance with the requirements of the licensing jurisdiction. The board may issue a certificate to a holder of a foreign designation with comparable licensure requirements as determined by the board to be comparable to or to exceed New Mexico’s education, examination and experience requirements.
 

 Currently, education experience required for an examination is a baccalaureate degree or its equivalent, with thirty semester hours in accounting or the equivalent. An applicant for a certificate must have at least one hundred fifty semester hours of college education or its equivalent.

Regarding examinations, currently if all four test sections are not passed within the continuous eighteen-month period, credit for any test section passed outside the eighteen-month period will expire, and that test section must be retaken. The proposed act changes the period to thirty months. Currently, an applicant for initial issuance of a Certified Public Accountant Certificate must have at least one year of specified experience. Current law states that a person licensed by another state who wishes to establish a principal place of business in New Mexico must apply for a certificate prior to establishing the business. A certificate may be issued to the person if they provide proof from a board-approved national qualification appraisal service that their certified public accountant qualifications are substantially equivalent to New Mexico’s certified public accountant certification requirements.
 

 Committee Substitute February 19, 2025 in HCEDC

HCEDC/HB 296: The House Commerce and Economic Development Committee Substitute for HB 296 amends SECTION 7, Section 61-28B-26 NMSA 1978, adding that a qualifying exam must be in accordance with the licensing jurisdiction and the education and accounting requirements pursuant to Subsection D of Section 61-28B-8 NMSA 1978.

The excerpt including the change reads as follows:

“Except as provided in Subsection D of this section, a person whose principal place of business is not in New Mexico shall be presumed to have met comparable licensure requirements and may exercise all the practice privileges of certificate holders of New Mexico without the need to obtain a certificate pursuant to Section 61-28B-9 NMSA 1978 if the person….holds a valid license or permit in good standing as a certified public accountant or its equivalent from a jurisdiction in the United States; provided that the licensee, at the time of licensure, was required to provide evidence of having successfully completed a qualifying exam in accordance with the requirements of the licensing jurisdiction and the education and accounting requirements pursuant to Subsection D of Section 61-28B-8 NMSA 1978.”

Committee Substitute March 3, 2025 in HJC

HJCcs/HB 296: The House Judiciary Committee Substitute for the House Commerce and Economic Development Committee Substitute for House Bill 296 makes the following changes:

•	The education and accounting experience requirement for a certificate must include a baccalaureate degree or its equivalent from a college or university acceptable to the board; and

•	The board may issue a certificate to a holder of a foreign designation with comparable licensure requirements as determined by the board to be comparable to or exceed the education, examination, and accounting experience requirement…provided that the foreign authority that granted the designation makes similar provisions to allow a person who holds a valid certificate issued by New Mexico to obtain such foreign authority’s comparable designation.