A bill to align the fiscal year with the calendar year.

Bill: 118-s-2950
Sponsor: full_name: Sen. Kaine, Tim [D-VA]
Introduced: 2023-09-27
Policy area: Economics and Public Finance
Latest action: action_date: 2023-09-27
text: Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (Sponsor introductory remarks on measure: CR S4723-4724)

Summaries:

tv_txt: II 118th CONGRESS 1st Session S. 2950 IN THE SENATE OF THE UNITED STATES September 27 (legislative day, September 22), 2023 Mr. Kaine introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs A BILL To align the fiscal year with the calendar year.

1. 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 take effect on January 1, 2026. (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 Committee on the Budget and the Committee on Appropriations of the House of Representatives and the Committee on the Budget and the Committee on Appropriations of the Senate, budget estimates for the Federal Government for the period commencing October 1, 2025, and ending on December 31, 2025, 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— (A) 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 under the amendments made by subsection (a); and (B) prepare and submit to Congress such additional proposed legislation as the Director considers necessary to accomplish the orderly transition to such new fiscal year. (c) Accounting procedures (1) In general Section 1552(a) of title 31, United States Code, is amended by striking September 30 and inserting December 31 . (2) Effective date The amendment made by paragraph (1) shall apply with respect to any fiscal year commencing on or after January 1, 2026. (d) 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 2025, 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 2025, be considered as meaning December 31 of that year. Any law providing for an authorization of appropriations for the fiscal year 2026 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. (e) 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 apply with respect to any fiscal year commencing on or after January 1, 2026. 2. Conforming amendments (a) In general (1) Section 202(e) of the Congressional Budget and Impoundment Control Act of 1974 ( 2 U.S.C. 602(e) ) is amended— (A) in paragraph (1), in the first sentence— (i) by striking February 15 and inserting May 15 ; and (ii) by striking October 1 of that year and inserting January 1 of the next calendar year ; and (B) in paragraph (3)— (i) by striking On or before January 15 of each year and inserting On or before April 15 of each year ; (ii) by striking September 30 each place it appears and inserting December 31 ; and (iii) by striking October 1 of that calendar year and inserting January 1 of the next calendar year . (2) Section 300 of the Congressional Budget Act of 1974 ( 2 U.S.C. 631 ) is amended to read as follows: 300. Timetable The timetable with respect to the congressional budget process is as follows: On or before: Action to be completed: First Monday in May President submits to Congress the budget of the President. May 15 Congressional Budget Office submits report to Budget Committees. Not later than 6 weeks after President submits budget Committees submit views and estimates to Budget Committees. July 1 Senate Budget Committee reports concurrent resolution on the budget. July 15 Congress completes action on concurrent resolution on the budget. August 15 Annual appropriation bills may be considered in the House. September 10 House appropriations Committee reports last annual appropriation bill. September 15 Congress completes action on reconciliation legislation. September 30 House completes action on annual appropriation bills. January 1 Fiscal year begins. . (3) Section 301(a) of the Congressional Budget Act of 1974 ( 2 U.S.C. 632(a) ) is amended, in the matter preceding paragraph (1)— (A) by striking the first sentence and inserting On or before July 15 of each year, the Congress shall complete action on a concurrent resolution on the budget for the fiscal year beginning on January 1 of the following year. ; and (B) in the second sentence, by striking October 1 of such year and inserting January 1 of the following year . (4) Section 302 of the Congressional Budget Act of 1974 ( 2 U.S.C. 633 ) is amended— (A) in subsection (a)(5), by striking April 15 and inserting July 15 ; and (B) in subsection (g)(1), by striking April 15 and inserting July 15 . (5) Section 303(b)(2) of the Congressional Budget Act of 1974 ( 2 U.S.C. 634(b)(2) ) is amended by striking May 15 and inserting August 15 . (6) Section 307 of the Congressional Budget Act of 1974 ( 2 U.S.C. 638 et seq. ) is amended— (A) in the section heading, by striking June 10 and inserting September 10 ; (B) by striking June 10 and inserting September 10 ; and (C) by striking October 1 of that year and inserting January 1 of the next year . (7) Section 309 of the Congressional Budget Act of 1974 ( 2 U.S.C. 640 ) is amended, in the first sentence— (A) by striking July and inserting October ; and (B) by striking October 1 of such year and inserting January 1 of the next year . (8) Section 310(f) of the Congressional Budget Act of 1974 ( 2 U.S.C. 641(f) ) is amended— (A) by striking July and inserting October ; and (B) by striking the fiscal year beginning on October 1 of the calendar year to which the adjournment resolution pertains and inserting the fiscal year beginning on January 1 of the calendar year after the calendar year to the adjournment resolution pertains . (9) The table of contents in section 1(b) of the Congressional Budget and Impoundment Control Act of 1974 is amended by striking the item relating to section 307 and inserting the following: Sec. 307. House committee action on all appropriation bills to be completed by September 10. . (10) Section 250(c)(12) of the Balanced Budget and Emergency Deficit Control Act of 1985 ( 2 U.S.C. 900(c)(12) ) is amended by striking October 1 of the calendar year in which that session begins and inserting January 1 of the calendar year after the year in which that session begins . (11) Section 1105(a) of title 31, United States Code, is amended in the matter preceding paragraph (1) by striking On or after the first Monday in January but not later than the first Monday in February of each year and inserting Not later than the first Monday in May of each year . (b) Effective date The amendments made by subsection (a) shall apply with respect to any fiscal year commencing on or after January 1, 2026.