Bill > HR5613

This bill proposes to change the federal fiscal year from its current October 1 to September 30 period to a new January 1 to December 31 calendar year period, effective January 1, 2027. The legislation, called the "It's About Time Act", requires the President to submit budget estimates for a transitional period from October 1 to December 31, 2026, and propose necessary legislative changes to facilitate this shift. The Director of the Office of Management and Budget (OMB) must develop regulations to ensure a smooth transition for all federal departments, agencies, and the District of Columbia government. Additionally, the bill stipulates that existing appropriations laws referencing the old fiscal year timeframes will be automatically interpreted to align with the new January 1 to December 31 fiscal year for any year after 2026. This change would standardize the federal government's fiscal year to match the standard calendar year, potentially simplifying budgeting and financial planning processes.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/5613/all-info