It’s About Time Act

The It's About Time Act proposes to realign the federal government's fiscal year with the calendar year. Currently, the federal fiscal year runs from October 1 through September 30, but this bill would change it to run from January 1 through December 31, beginning on January 1, 2027. This change would align federal budgeting with the calendar year that most Americans use for personal and business finances.

If enacted, this shift could simplify coordination between federal budgeting and state and local government budgets, many of which already operate on calendar-year cycles. It could also potentially reduce confusion for citizens and businesses trying to understand federal spending timelines. However, the change would require significant adjustments to federal accounting systems and procedures. The bill is currently in the early stages of the legislative process, having been introduced in the House and referred to committee.