March 15, 2019

Nebraska Allows ESOP Ownership of Accounting Firms

The Nebraska legislature passed a bill, LB 49, that would authorize the ownership of public accounting firms by ESOPs. The ESOP could own up to 49% of the firm. The bill, introduced by John Stinner (R—Gering), passed Final Reading on Feb. 28 by a vote of 47-0 and was signed into law by Governor Pete Ricketts (R) on March 6. Most states already allow minority ESOP-owned CPA firms, and Minnesota allows majority ownership.