Tort Reform
The issue
Tort reform has not seen a lot of debate or change since the MNCPA's success changing the joint and several liability statutes in 2003 and 2004. However, with new majorities controlling both the Minnesota House of Representatives and Senate in 2011, this issue is once again getting a lot of attention and will be a focus of debate in 2012.
The Senate passed several tort reform bills during the 2011 session only to see the House run out of time. They were unable to address the issue before they adjourned for the year.
Why you should care
Tort reform and accountant liability statutes impact the way the CPA profession operates. It can impact your ability to work with clients or recruit perspective clients.
Some areas include:
- reducing the statute of limitations from six years to three or four years
- reducing pre- and post-judgment interest rates on judgments awarded by the courts
What you can do
Contact your legislators and educate them on how Minnesota's current liability statutes are impacting your business. Encourage them to support tort reform legislation to make changes to improve the business climate in our state. The tort reform legislation is being carried by Senator Ortman and Representative Wardlow.