It’s About Time Act

This bill proposes a significant change to the Federal government's fiscal year, shifting it from the current October 1 to September 30 cycle to align with the calendar year, running from January 1 to December 31 . This fundamental alteration to the budget cycle would take effect on January 1, 2027 , impacting all federal departments, agencies, and instrumentalities, as well as the Government of the District of Columbia. The legislation mandates amendments to federal law to reflect this new fiscal period. To facilitate a smooth transition, the bill requires the President to prepare and submit budget estimates for a special interim period from October 1, 2026, to December 31, 2026. The Director of the Office of Management and Budget is tasked with developing regulations and proposing necessary legislation for an orderly shift to the new fiscal year. Furthermore, existing laws providing authorizations of appropriations will be reinterpreted to align with the new January 1 to December 31 fiscal year, ensuring continuity and clarity in federal funding.