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5
Connecticut CPA
g
July/August 2012
Connecticut Regulatory Alert
O
nJune15,GovernorDannelP.
Malloy signed HB 5025, "An
Act Concerning the Owner-
ship of Public Accounting Firms" into
law as Public Act 12-194, "An Act
Concerning the Ownership of Public
Accounting Firms and the Use of the
Title `Certified Public Accountant.'"
The law took effect on July 1, 2012.
The law allows minority equity own-
ershipofCPAfirmsbynon-CPAindi-
viduals who are actively engaged in
the servicing of clients or the admin-
istrationofthefirm,uptoamaximum
total of 49 percent. Connecticut be-
camethe49
th
jurisdictiontoprovidefor
minoritynon-CPAownershipoffirms.
HB 5025 was supported by both the
Connecticut State Board of Accoun-
tancy and the Connecticut Society of
CPAs,andwasincludedinapackage
oflegislaturesubmittedtotheGeneral
Assembly by the Office of the Secre-
taryoftheState.
Minority Non-CPA Firm Ownership
Now Law in Connecticut
Connecticut became the 49th jurisdiction to
provide for minority non-CPA ownership of firms.
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