# Plain Language Summary: The "It's About Time Act"

This bill would shift when the federal government's financial year begins and ends. Right now, the federal fiscal year runs from October 1 to September 30—meaning the government's budget year doesn't match the calendar year most people use. This bill would change that so the federal fiscal year runs from January 1 to December 31, aligning with the regular calendar year that businesses and individuals already follow.

The change would take effect on January 1, 2027, but there's a transition period first. From October 1, 2026 to December 31, 2026, the government would operate under a special three-month budget to bridge the gap between the old system and the new one. The President would need to submit budget estimates and any necessary legislation for this transition period to Congress. The Office of Management and Budget would also need to coordinate with all federal agencies and the District of Columbia to make sure the switch happens smoothly without disrupting government operations.

For most people, this change would be largely behind-the-scenes—it's mainly about how the government internally organizes and tracks its spending. However, it could have some practical effects. Federal employees, contractors, and anyone dealing with government fiscal deadlines might experience some confusion during the transition year. Budget discussions in Congress could shift timing slightly since the fiscal year would now match the calendar year. Additionally, any existing laws that reference October 1 or September 30 as budget dates would automatically be interpreted as referring to January 1 and December 31 instead, so Congress wouldn't need to rewrite every law individually.

It’s About Time Act

Turner, Michael R.

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 on January 1, 2027.