It’s About Time Act

Summary#

This bill changes the federal fiscal year. Currently the fiscal year runs October 1 through September 30. The bill moves the fiscal year to January 1 through December 31, effective January 1, 2027. The President must submit a short transition budget for the period October 1, 2026 through December 31, 2026, and proposed legislation needed to provide appropriations for that short period. The Director of the Office of Management and Budget must issue rules or orders to manage the transition and may send Congress additional legislation needed to carry out the change. The bill also says that existing laws that refer to authorizations beginning on October 1 or ending on September 30 after 2026 should be read as beginning January 1 or ending December 31, and it updates the statutory reference to appropriation act titles accordingly.

What it means for you#

  • The federal fiscal year start and end dates will shift to January–December beginning in 2027.
  • Federal departments, agencies, and the District of Columbia must follow OMB guidance to move to the new schedule.
  • Congress and the President will use a short transition budget covering Oct 1–Dec 31, 2026, while full fiscal years will align to calendar years starting in 2027.
  • Laws that mention October 1 or September 30 for authorizations after 2026 will be interpreted with the new January 1/December 31 dates.

Expenses#

No publicly available information on net costs or savings is included in the bill text or metadata.

Proponents' View#

No publicly available information.

Opponents' View#

No publicly available information.