It’s About Time Act

Bill: 118-hr-5612
Sponsor: full_name: Rep. Turner, Michael R. [R-OH-10]
Introduced: 2023-09-20
Policy area: Economics and Public Finance
Latest action: action_date: 2023-09-20
text: Referred to the Committee on the Budget, and in addition to the Committee on Oversight and Accountability, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Summaries:
action_date: 2023-09-20
action_desc: Introduced in House
text: <p><b>It's About Time Act </b></p> <p>This bill changes the calendar period for the federal fiscal year (currently October 1-September 30) to January 1-December 31 beginning in 2025. </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 5612 IN THE HOUSE OF REPRESENTATIVES September 20, 2023 Mr. Turner (for himself and Mr. Nadler ) introduced the following bill; which was referred to the Committee on the Budget , and in addition to the Committee on Oversight and Accountability , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To change the calendar period of the Federal fiscal year.

1. Short title This Act may be cited as the It’s About Time Act . 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, 2025. (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, 2024, and ending on December 31, 2024, 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 2024, 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 2024, be considered as meaning December 31 of that year. Any law providing for an authorization of appropriations for the fiscal year 2025 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, 2025.