House Bill 1156, introduced on January 22, 2025, by a bipartisan group of North Dakota legislators, aims to amend existing laws regarding the ownership structure of accounting firms in the state. The bill seeks to allow minority ownership of these firms by qualified plans, such as employee retirement plans, thereby expanding the potential for investment in the accounting sector.

Key provisions of the bill include amendments to sections of the North Dakota Century Code that govern professional organizations and accounting practices. Specifically, it allows for minority ownership by individuals or qualified plans, which could include employee stock ownership plans (ESOPs) as defined by federal tax law. This change is designed to enhance opportunities for minority stakeholders in accounting firms, promoting diversity and potentially increasing competition within the industry.

The bill has sparked notable discussions among legislators and stakeholders. Proponents argue that it will provide greater access to ownership for underrepresented groups and encourage investment in local accounting firms. Critics, however, express concerns about the implications for professional standards and the potential dilution of control among licensed accountants.

Economically, the bill could have significant implications for the accounting industry in North Dakota. By enabling minority ownership, it may attract new investments and foster a more inclusive business environment. Socially, it aims to address disparities in ownership within the profession, potentially leading to a more diverse workforce.

As the legislative process continues, the bill's future remains uncertain. If passed, it could set a precedent for similar reforms in other professional sectors, reflecting a growing trend towards inclusivity in business ownership. The North Dakota State Legislature will further deliberate on the bill, considering amendments and feedback from various stakeholders before a final vote.