OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
HB-7020
AN ACT CONCERNING CERTIFIED PUBLIC ACCOUNTANTS.
Primary Analyst: ME 3/26/25
Contributing Analyst(s):
Reviewer: PR
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 26 $ FY 27 $
Resources of the General Fund GF - Potential
Revenue Gain
See Below See Below
Note: GF=General Fund
Municipal Impact: None
Explanation
The bill adds two new ways to satisfy the educational requirements
and one new way to satisfy the experience requirements for a certified
public accountant (CPA) license resulting in a potential revenue gain to
the state to the extent additional licenses are applied for
1
.
The Out Years
The annualized ongoing fiscal impact identified above will continue
into the future subject to the number of licenses applied for.
1
The CPA license has a $150 application fee and a $565 annual renewal fee. In FY 24
there were over 4,700 CPA licenses issued.