It’s About Time Act
Bill: H.R.3955 | Sponsor: Rep. Turner, Michael R. (R-OH)
Policy area: Economics and Public Finance

Summary:
It's About Time Act
This bill changes the calendar period for the federal fiscal year (currently October 1-September 30) to January 1-December 31 beginning in 2023.

To change the calendar period of the Federal fiscal year.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``It's About Time Act''.

SEC. 2. CHANGE OF FISCAL YEAR.

    (a) In General.--
            (1) Change of calendar period.--Section 1102 of title 31, 
        United States Code, is amended--
                    (A) by striking ``October 1'' and inserting 
                ``January 1''; and
                    (B) by striking ``September 30 of the following 
                year'' and inserting ``December 31 of that year''.
            (2) Effective date.--The amendments made by paragraph (1) 
        shall be effective on January 1, 2023.
    (b) Transition to New Fiscal Year.--
            (1) Transition period budget.--As soon as practicable, the 
        President shall prepare and submit to Congress--
                    (A) after consultation with the Committees on the 
                Budget and the Committees on Appropriations of the 
                House of Representatives and the Senate, budget 
                estimates for the Federal government for the period 
                commencing October 1, 2022, and ending on December 31, 
                2022, in such form and detail as the President may 
                determine; and
                    (B) proposed legislation the President considers 
                appropriate with respect to changes in law necessary to 
                provide authorizations of appropriations for that 
                period.
            (2) Agency transition.--The Director of the Office of 
        Management and Budget shall provide by regulation, order, or 
        otherwise for the orderly transition by all departments, 
        agencies, and instrumentalities of the Federal government and 
        the government of the District of Columbia from the use of the 
        fiscal year in effect on the date of the enactment of this Act 
        to the use of the new fiscal year prescribed in subsection (a). 
        The Director shall prepare and submit to Congress such 
        additional proposed legislation as the Director considers 
        necessary to accomplish this objective.
    (c) Conversion of Authorizations of Appropriations.--Any law 
providing for an authorization of appropriations commencing on October 
1 of a year shall, if that year is any year after 2021, be considered 
as meaning January 1 of the following year. Any law providing for an 
authorization of appropriations ending on September 30 of a year shall, 
if that year is any year after 2022, be considered as meaning December 
31 of that year. Any law providing for an authorization of 
appropriations for the fiscal year 2023 or any fiscal year thereafter 
shall be construed as referring to that fiscal year ending on December 
31 of the calendar year having the same calendar year number as the 
fiscal year number.
    (d) Title of Appropriation Acts.--
            (1) In general.--Section 105 of title 1, United States 
        Code, is amended by striking ``September 30'' and inserting 
        ``December 31''.
            (2) Effective date.--The amendment made by paragraph (1) 
        shall be effective for any fiscal year commencing on or after 
        January 1, 2023.
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