Section 501, as Enacted
Fiscal year to begin October 1
Sec. 501. Section 237 of the Revised Statutes (31 U.S.C. 1020) is amended to read as follows: “Sec. 237. (a) The fiscal year of the Treasury of the United States, in all matters of accounts, receipts, expenditures, estimates, and appropriations—
“(1) shall, through June 30, 1976, commence on July 1 of each year and end on June 30 of the following year; and
“(2) shall, beginning on October 1, 1976, commence on October 1 of each year and end on September 30 of the following year.
“(b) All accounts of receipts and expenditures required by law to be published annually shall be prepared and published for each fiscal year as established by subsection (a).”
JOINT EXPLANATORY STATEMENT OF CONFERENCE COMMITTEE
The managers on the part of the House and the Senate of the conference of the two Houses on the amendments of the Senate to the bill (H.R. 7130) issued an explanatory statement of the legislation. This was included in a House Budget Committee print in 1975 after the bill’s enactment. It included the following description of this section:
Section 501. Fiscal Year To Begin October 1
The House and Senate versions provided for a shift to an October 1 – September fiscal year. The conference substitute provides for this shift to take place with the fiscal year beginning October 1, 1976. However, the preceding fiscal year is to run from July 1, 1975 through June 30, 1976, thus providing a three-month interim period to provide the necessary transition to the new fiscal year (July 1 -September 30, 1976).
[Joint Explanatory Statement on the Committee of Conference on H.R. 7130; (Committee Print), Committee on the Budget, House of Representatives, 93d Congress, 2d Session, Washington D.C. 1975.]
Section 501. Purposes. The current section 501 (CBA) replaced section 501 as enacted. Since the original section, having already made the change in law and enacted as 31 U.S.C. 1102, was repealed. The current section is unrelated to the change in Fiscal Year, but was rather enacted as part of the Federal Credit Reform Act of 1990, establishing the new title V of the Budget Act.
Classification to the U.S. Code
This section was not classified to the U.S. Code, though the amendment it makes was classified to section 1020 of former Title 31. That section was repealed and reenacted as section 1102 of Title 31, Money and Finance, by Pub. L. 97–258, §5(b), Sept. 13, 1982, 96 Stat. 1068 (Title 31 revision and codification law of 1982) the first section of which enacted Title 31.
Fiscal Year Transition Act
After the enactment of section 501 (CBA), the following Congress enacted the Fiscal Year Transition Act (Pub. L. 94-274; 90 Stat. 383; Apr. 21, 1976; S. 2444 (94th Congress)), which made changes to laws requiring more specific attention that simply changing the date of the fiscal year.
Legislative History Notes
Pub. L. 93–344, §501, July 12, 1974, 88 Stat. 321. The Congressional Budget and Impoundment Control Act of 1974 enacted this section into law.
Revision of title 31 of the u.s. code
Most of the Congressional Budget Act of 1974 was classified to Title 31 of the U.S. Code but has since been transferred either to title 2 (The Congress) or to a revised Title 31. See the following for more information:
- Pub. L. 97–258, §1, Sept. 13, 1982, 96 Stat. 877
- Title 31 Revision and Codification Law of 1982
- Revision of Title 31
- Table on the House Law Revision Counsel Website.
[BCR § 151e]