H.R. 5612 – It’s About Time Act

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Updated January 20, 2026 at 11:37 AM UTC

The It’s About Time Act changes the federal government’s fiscal year to run from January 1 through December 31, starting in 2025. It updates the law to reflect the new dates and requires a transition budget for the short period in late 2024. The changes affect all federal departments, agencies, and the District of Columbia’s budgeting and appropriations processes.

Key Provisions

Amends the fiscal‑year definition in the U.S. Code, replacing October 1–September 30 with January 1–December 31, effective January 1, 2025.
Requires the President to submit a budget covering October 1‑December 31, 2024, and any needed legislation for that short period.
Directs the OMB Director to issue regulations and guidance to help agencies shift to the new fiscal year and to propose any additional legislation needed for the transition.
Reinterprets existing appropriations authorizations so that any that previously began on October 1 after 2024 are treated as beginning on January 1, and those ending on September 30 are treated as ending on December 31.
Amends the title of appropriation acts to replace “September 30” with “December 31,” effective for fiscal years starting on or after January 1, 2025.

Legislative Activity

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HouseIntro Referral Latest Action

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.

Budget Committee

September 20, 2023

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HouseIntro Referral

Introduced in House

September 20, 2023

HouseIntro Referral

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.

Budget Committee

September 20, 2023

Bill Text

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Introduced in HouseIssued September 20, 2023

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.