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A fiscal year (also known as a financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis but generally with the reporting period not aligning with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxes, such as income tax. Many annual government fees—such as council tax and license fees— are also levied on a fiscal year basis, but others are charged on an anniversary basis.

Some companies, such as Cisco Systems,[1] end their fiscal year on the same day of the week each year: the day that is closest to a particular date (for example, the Friday closest to 31 December). Under such a system, some fiscal years have 52 weeks and others 53 weeks.[2]

The calendar year is used as the fiscal year by about 65% of publicly traded companies in the United States and for most large corporations in the United Kingdom.[3] That is the case in many countries around the world with a few exceptions such as Australia, New Zealand, and Japan.[4]

Many universities have a fiscal year which ends during the summer to align the fiscal year with the academic year (and, in some cases involving public universities, with the state government's fiscal year) and also because the university is normally less busy during the summer months. In the Northern Hemisphere, that is July to the next June. In the Southern Hemisphere, that is the calendar year, January to December. In a similar fashion, many nonprofit performing arts organizations will have a fiscal year which ends during the summer, so that their performance season that begins in the fall and ends in the spring will be within one fiscal year.

Some media/communication-based organizations use a broadcast calendar as the basis for their fiscal year.

Fiscal years' names are often shortened based on the year in which they end; for example, "fiscal year 2023-2024" and "FY24" are synonymous.

Chart of various fiscal years

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Start date of fiscal year by country
Country Purpose (Jul) (Aug) (Sep) (Oct) (Nov) (Dec) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (Jan) (Feb) (Mar)
Australia
Austria
Bangladesh
Belgium
Brazil
Canada government
corporate/personal
China
Costa Rica
Croatia
Egypt
Ethiopia 8 July
France
Germany
Greece
Hong Kong
India
Indonesia
Iran 21 March
Israel
Italy
Japan government/corporate
personal
Kenya
Latvia
Lithuania
Malaysia
Mexico
Moldova
Nepal 16 July
Netherlands
New Zealand government
corporate/personal
Norway
Pakistan
Philippines
Portugal
Qatar
Republic of Ireland
Romania
Russia
Singapore government
personal
South Africa
South Korea
Spain
Sweden
Switzerland
Taiwan
Thailand
Turkey
United Arab Emirates
United Kingdom personal 6 April
corporate/government 1 April[5]
United States federal
most states
corporate/personal
Country Purpose (Jul) (Aug) (Sep) (Oct) (Nov) (Dec) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (Jan) (Feb) (Mar)

Tax year

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The fiscal year for individuals and entities to report and pay income taxes is often known as the taxpayer's tax year or taxable year. Taxpayers in many jurisdictions may choose their tax year.[6] Some federal countries, such as Canada and Switzerland, require the provincial or cantonal tax year to align with the federal year. In the United States, most states retained a 30 June fiscal year-end date when the federal government switched to 30 September in 1976. Nearly all jurisdictions require that the tax year be 12 months or 52/53 weeks.[7] However, short years are permitted as the first year or when changing tax years.[8]

Most countries require all individuals to pay income tax based on the calendar year. Significant exceptions include:

  • Australia: individuals pay income tax based on the financial year of 1 July until 30 June.[9]
  • United Kingdom: the tax year for individuals begins on 6 April. This is due to Britain historically having a calendar year starting on Lady Day (25 March) in the Julian calendar but a fiscal year ending on that day. When the UK adopted the Gregorian calendar in 1752, 25 March translated to 5 April and 26 March to 6 April. (See History of taxation in the United Kingdom#Start of tax year for more detailed explanation.)
  • United States: individuals may (but rarely do) elect any tax year, subject to IRS approval.[10]

Many jurisdictions require that the tax year conform to the taxpayer's fiscal year for financial reporting. The United States is a notable exception: taxpayers may choose any tax year, but must keep books and records for such year.[7]

Operation by jurisdiction

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In some jurisdictions, particularly those that permit tax consolidation, companies that are part of a group of businesses must use nearly the same fiscal year (differences of up to three months are permitted in some jurisdictions, such as the US and Japan), with consolidating entries to adjust for transactions between units with different fiscal years, so the same resources will not be counted more than once or not at all.[citation needed]

Afghanistan

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In Afghanistan, from 2011 to 2021, the fiscal year began on 1 Hamal (20th or 21 March).[11] The fiscal year aligned with the Persian or Solar Hijri calendar used in Afghanistan at the time.

Following transfer of power to the Taliban administration in September 2021, Afghanistan abandoned the Solar Hijri calendar in favour of the Lunar Hijri calendar. The fiscal cycle was restarted with effect from 1 Muharram 1444 AH (30 July 2022).[12]

Australia

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In Australia, a fiscal year is commonly called a "financial year" (FY), and starts on 1 July, ending on 30 June the next year. Financial years are designated by the calendar year of the second half of the period. For example, financial year 2026 is the 12-month period ending on 30 June 2026 and can be referred to as FY2025/26. It is used for official purposes, by individual taxpayers and by the overwhelming majority of business enterprises.[9] Business enterprises may opt to use a financial year that ends at the end of a week (e.g., 52 or 53 weeks in length, and therefore is not exactly one calendar year in length), or opt for its financial year to end on a date that matches the reporting cycle of its foreign parent. All entities within the one group must use the same financial year.

For government accounting and budget purposes, pre-Federation colonies changed the financial year from the calendar year to a year ending 30 June on the following dates: Victoria changed in 1870, South Australia in 1874, Queensland in 1875, Western Australia in 1892, New South Wales in 1895 and Tasmania in 1904. The Commonwealth adopted the near-ubiquitous financial year standard since its inception in 1901.[13] The reason given for the change was for convenience, as Parliament typically sits during May and June, while it was difficult for it to meet in November and December to pass a budget.[13]

The financial year is split into four quarters which cover the following periods:[14]

Quarter Period covered
Quarter 1 1 Jul – 30 Sep
Quarter 2 1 Oct – 31 Dec
Quarter 3 1 Jan – 31 Mar
Quarter 4 1 Apr – 30 Jun

Austria

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In Austria, the fiscal year is the calendar year, 1 January to 31 December.

Bangladesh

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In Bangladesh, the fiscal year is 1 July to the next 30 June.[15]

Belarus

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In Belarus, the fiscal year is the calendar year, 1 January to 31 December.[16]

Brazil

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In Brazil, the fiscal year is the calendar year, 1 January to 31 December.

Bulgaria

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In Bulgaria, the fiscal year is the calendar year, 1 January to 31 December, both for personal income tax[17] and for corporate taxes.[18]

Canada

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In Canada, the government's financial year is 1 April to 31 March.[19]
(Q1 1 April – 30 June, Q2 1 July – 30 Sept, Q3 1 Oct – 31 Dec and Q4 1 Jan – 31 Mar)

For individual taxpayers, the fiscal year is the calendar year, 1 January to 31 December.

China

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In China, the fiscal year for all entities is the calendar year, 1 January to 31 December, and applies to the tax year, statutory year, and planning year.[20]

Colombia

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In Colombia, the fiscal year is the calendar year, 1 January to 31 December.

Costa Rica

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In Costa Rica, the fiscal year is the calendar year. January to December. As of 2019 when the tax laws changed. [21]

Egypt

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In Egypt, the fiscal year is 1 July to 30 June.[22]

France

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In France, the fiscal year is the calendar year, 1 January to 31 December, and has been since at least 1911.[23]

Germany

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In Germany, the fiscal year runs from 1 January until 31 December.

Greece

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In Greece, the fiscal year is the calendar year, 1 January to 31 December.

Hong Kong

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In Hong Kong, the government's financial year runs from 1 April to 31 March.[24]

However, a company incorporated in Hong Kong can determine its own financial year-end, which may be different from the government fiscal year.

India

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In India, the government's financial year runs from 1 April to 31 March the following year.[25] The financial year from 1 April 2025 to 31 March 2026 would generally be abbreviated as FY 2025–26 or( FY25-26) ( FY2025/26),(FY2025/2026),(FY25/26), but it may also be called FY 2026 or FY26 on the basis of the ending year.[26]

Companies following the Indian Depositary Receipt (IDR) are given freedom to choose their financial year. For example, Standard Chartered's IDR follows the UK calendar despite being listed in India. Companies following Indian fiscal year get to know their economic health on 31 March of every Indian financial or fiscal year.

The current fiscal year was adopted by the colonial British government in 1867 to align India's financial year with that of the British Empire.[27][28] Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April.[29]

On 4 May 2017, Madhya Pradesh announced that it would move to a January–December financial year, becoming the first Indian state to do so. But later it dropped the idea due to Many financial & accounting error.[30]

Indonesia

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In Indonesia, since 2001, the fiscal year is the calendar year, 1 January to 31 December. Until 2000, the fiscal year ran from 1 April to 31 March; fiscal year 2000 ran from 1 April to 31 December.[31]

Iran

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In Iran, the fiscal year usually starts on 21st or 22 March (1st of Farvardin in the Solar Hejri calendar) and concludes on next year's 20th or 21 March (29th or 30th of Esfand in the Solar Hijri calendar).[32]

Ireland

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In Ireland, the fiscal year is the calendar year, 1 January to 31 December. Until 2001, it was the year ending 5 April, as in the United Kingdom, but was changed with the introduction of the euro. The 2001 tax year was nine months, from April to December.[33]

Israel

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In Israel, the fiscal year is the calendar year, 1 January to 31 December.[34]

Italy

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In Italy, the fiscal year is the calendar year, 1 January to 31 December. It was changed in 1965, before which it was 1 July to 30 June.[35]

Japan

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In Japan, the government's financial year is from 1 April to 31 March.[36]

Japan's income tax year is 1 January to 31 December,[37] but corporate tax is charged according to the corporation's own annual period;[38] most Japanese corporations elect their annual period to follow the government fiscal year (1 April to 31 March).

Lithuania

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In Lithuania, the fiscal year is the calendar year, 1 January to 31 December.[39]

Macau

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In Macau, the government's financial year is 1 January to 31 December.

Malaysia

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In Malaysia, the tax year for individuals is the calendar year, from 1 January to 31 December.[40]

The Companies Act 2016 does not state when the fiscal year must start for companies, so businesses are free to choose a financial year-end date.[41] Private businesses usually choose the last day of the calendar year or the last day of the quarter for their financial year end.

Generally, the government releases the annual federal budget in October, ahead of the fiscal year.

Mexico

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In Mexico, the fiscal year is the calendar year, 1 January to 31 December.

Moldova

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In Moldova, the fiscal year is the calendar year, 1 January to 31 December.[42]

Myanmar/Burma

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In Myanmar, the fiscal year is 1 April to 31 March.[43]

Nepal

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In Nepal, the fiscal year is 16 July (29 Dilā in Nepal Sambat) to 15 July (28 Dilā in Nepal Sambat).[44]

New Zealand

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In New Zealand, the government's fiscal[45] and financial reporting[46] year is 1 July to the next 30 June[47] and applies also to the budget. The company and personal financial year[48] is 1 April to 31 March and applies to company and personal income tax.

Pakistan

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In Pakistan, the government's fiscal year is 1 July of the previous calendar year and concludes on 30 June. Private companies are free to observe their own accounting year, which may not be the same as government's fiscal year.[49]

Philippines

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In the Philippines, the government's fiscal year is the calendar year, from 1 January to 31 December.[50]

The accounting period for the private sector must follow a 12-month fiscal period which can or can not be synchronized with the calendar year. Most Philippine companies end their fiscal years in December or March.[51]

Poland

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In Poland, the fiscal year is the calendar year, from 1 January to 31 December.[52]

Portugal

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In Portugal, the fiscal year is the calendar year, 1 January to 31 December.

Qatar

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In Qatar, the fiscal year is from 1 January to 31 December.

Romania

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In Romania, the fiscal year is the calendar year, 1 January to 31 December.[53]

Russia

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In Russia, the fiscal year is the calendar year, 1 January to 31 December.[23][better source needed]

Saudi Arabia

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In Saudi Arabia, the fiscal year is the calendar year, 1 January to 31 December.[54]

Singapore

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In Singapore, the fiscal year for the calculation of personal income taxes is 1 January to 31 December.[55]

The fiscal year for the Government of Singapore and many government-linked corporations is 1 April to 31 March.[4]

Corporations and organisations are permitted to select any date as the end of each fiscal year, as long as this date remains constant. However, new companies should consciously choose their financial year end to stretch as much as a duration of 12 months as possible.[56]

South Africa

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In South Africa, the financial year for the Government of South Africa is 1 April to 31 March.[4]

The year of assessment for individuals covers twelve months, 1 March to the final day of February the following year. The Act also provides for certain classes of taxpayers to have a year of assessment ending on a day other than the last day of February. Companies are permitted to have a tax year ending on a date that coincides with their financial year. Many older companies still use a tax year that runs from 1 July to 30 June, inherited from the British system. A common practice for newer companies is to run their tax year from 1 March to the final day of February following, to synchronize with the tax year for individuals.[citation needed]

South Korea

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In South Korea, the fiscal year is the calendar year, 1 January to 31 December.[57]

Spain

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In Spain, the fiscal year is the calendar year, 1 January to 31 December.[58]

Sweden

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In Sweden, the fiscal year for individuals is the calendar year, 1 January to 31 December.[59]

The fiscal year for an organisation is typically one of the following:

  • 1 January to 31 December
  • 1 May to 30 April
  • 1 July to 30 June
  • 1 September to 31 August

However, all calendar months are allowed. If an organisation wishes to change into a non-calendar year, permission from the Tax Authority is required.[60][61]

Switzerland

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In Switzerland, the fiscal year is the calendar year, 1 January to 31 December.[62]

Taiwan

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In Taiwan, the fiscal year is the calendar year, 1 January to 31 December. However, an enterprise may elect to adopt a special fiscal year at the time it is established and can request approval from the tax authorities to change its fiscal year.[63]

Thailand

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In Thailand, the government's fiscal year (FY) is 1 October to 30 September of the following year.[64] For individual taxpayers it is the calendar year, 1 January to 31 December.

Turkey

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In Turkey, the fiscal year is the calendar year, 1 January to 31 December.[65]

Ukraine

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In Ukraine, the fiscal year is the calendar year, 1 January to 31 December.[66]

United Arab Emirates

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In the United Arab Emirates, the fiscal year is the calendar year, 1 January to 31 December.[4]

United Kingdom

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In the United Kingdom, the financial year runs from 1 April to 31 March for the purposes of government financial statements.[5] For personal tax purposes the fiscal year starts on 6 April and ends on 5 April of the next calendar year.[67]

Although United Kingdom corporation tax is charged by reference to the government's financial year, companies can adopt any year as their accounting year: if there is a change in tax rate, the taxable profit is apportioned to financial years on a time basis.[68]

A number of major corporations that were once government-owned, such as BT Group and the National Grid, continue to use the government's financial year, which ends on the last day of March, as they have found no reason to change since privatisation.[citation needed]

The 5 April year end for income tax reflects the old civil and ecclesiastical calendar under which New Year began on 25 March (Lady Day). The difference between the two dates is accounted for by the eleven days omitted in September 1752 due to the Calendar (New Style) Act 1750 by which Great Britain also converted from the Julian Calendar to the Gregorian Calendar. However, although the calendar year finished on 24 March, the tax year finished a day later, on 25 March, the Quarter Day – the traditional day on which debts were settled. (For a fuller explanation about the history of the United Kingdom income tax year and its start date, see History of taxation in the United Kingdom § Start of tax year.)

United States

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Federal government

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In the United States, the federal government's fiscal year is the 12-month period beginning 1 October and ending 30 September the following year. The identification of a fiscal year is the calendar year in which it ends; the current fiscal year is often written as "FY26" or "FY2025-26", which began on 1 October 2025 and will end on 30 September 2026.

In 1843, the federal government changed the fiscal year from a calendar year to one starting on 1 July,[69] which lasted until 1976. The Congressional Budget and Impoundment Control Act of 1974 created the current fiscal year of 1 October to 30 September, making the change to allow Congress more time to arrive at a budget and creating what is known as the "transitional quarter" from 1 July 1976 to 30 September 1976.

For example, the United States government Fiscal Year 2025-26 is:

  • 1st quarter: 1 October 2025 – 31 December 2025
  • 2nd quarter: 1 January 2026 – 31 March 2026
  • 3rd quarter: 1 April 2026 – 30 June 2026
  • 4th quarter: 1 July 2026 – 30 September 2026

State governments

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State governments set their own fiscal year. Forty-six of the fifty states set their fiscal year to end on 30 June.[70] Two states have fiscal years that are different:

The fiscal year for the Washington, DC government ends on 30 September.[72]

Among the inhabited territories of the United States, most align with the federal fiscal year, ending on 30 September. These include American Samoa, Guam, the Northern Mariana Islands and the US Virgin Islands.[70] Puerto Rico is the exception, with its fiscal year ending on 30 June.

Vietnam

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In Vietnam, the fiscal year is the calendar year, 1 January to 31 December.

Businesses and organizations

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The tax year for a business is governed by the fiscal year it chooses. A business may choose any consistent fiscal year that it wants; however, for seasonal businesses such as farming and retail, a good accounting practice is to end the fiscal year shortly after the highest revenue time of year. Consequently, most large agriculture companies end their fiscal years after the harvest season, and most retailers end their fiscal years shortly after the Christmas shopping season. Economist Pamela P. Drake notes that there are cases where businesses choose a year-end which fits with the slower part of their business year. At this point in the year they are likely to hold less inventory than their average daily inventory over the whole year.[73]

See also

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References

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Further reading

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Revisions and contributorsEdit on WikipediaRead on Wikipedia

Fiscal year

View on Grokipedia
from Grokipedia
A fiscal year is a discrete 12-month period adopted by governments, corporations, and other entities for , budgeting, financial reporting, and taxation, distinct from the that spans January 1 to December 31. This structure allows alignment with operational cycles, such as seasonal business activities or harvest periods, facilitating more accurate financial planning and tax assessment over periods that better reflect economic realities rather than arbitrary calendar divisions. The choice of fiscal year dates varies widely by jurisdiction to accommodate historical, agricultural, or administrative needs; for instance, the federal government employs October 1 to September 30, a shift implemented in 1976 to extend budgeting timelines following earlier July-to-June cycles rooted in 19th-century tax collection practices. Other nations diverge similarly, with the and using April 1 to March 31, opting for July 1 to June 30, and many European countries adhering to the . This flexibility underscores the fiscal year's pragmatic origins in pre-modern economies, where periods were calibrated to revenue inflows like post-harvest taxes, evolving into modern tools for fiscal discipline and execution unbound by natural constraints.

Definition and Fundamentals

Core Concept and Terminology

A fiscal year (FY) constitutes a fixed 12-month period employed by governments, businesses, and organizations to standardize financial reporting, budgeting, and performance evaluation. This period enables the preparation of annual and facilitates comparability across entities by delineating discrete intervals for , expense accrual, and asset valuation. The core rationale stems from the need for consistent temporal boundaries in , where transactions are recorded to reflect economic activity over a defined span rather than arbitrary dates. In terminology, the fiscal year is interchangeably termed the financial year or budget year in various jurisdictions, with the abbreviation FY universally applied. It is designated by the calendar year of its conclusion—for instance, FY 2025 denotes a period ending in 2025—regardless of its start date. Related concepts include the fiscal quarter, comprising three consecutive months within the FY for interim reporting, and the fiscal period or period, often a monthly subunit for granular tracking. In the United States, federal defines it as 12 months concluding on the last day of any month except December, distinguishing it from the . Certain entities, particularly in retail, adopt 52- or 53-week fiscal years to align with weekly cycles, varying from 364 to 371 days.

Distinction from Calendar Year

A fiscal year constitutes a discrete 12-month interval employed for , budgeting, and reporting, whereas a adheres fixedly to the Gregorian structure from January 1 to 31. This divergence permits organizations and governments to tailor the fiscal period's commencement to align with operational exigencies, such as cycles or administrative timelines, rather than universal calendrical constraints. For instance, fiscal years may span 52 or 53 weeks, concluding on the final day of any month except to distinguish from the , thereby consolidating related economic activities within a single reporting frame and mitigating distortions from arbitrary splits. The principal rationale for this non-alignment lies in enhancing causal fidelity to business realities: calendar years often bisect seasonal or cyclical phenomena, fragmenting data like holiday retail peaks or agricultural harvests across tax or audit periods, which complicates of performance drivers. In governmental contexts, the U.S. federal fiscal year runs from October 1 to September 30, a shift enacted in 1976 to afford additional time for budget formulation following the prior July-to-June cycle, thereby reducing end-of-period fiscal cliffs and enabling more deliberate expenditure planning amid election-year dynamics. Corporate examples abound; Apple Inc.'s fiscal year ends September 30, capturing the full impact of its fall product launches on annual metrics, while many retailers opt for January 31 closures to encompass December sales surges without spillover. Universities frequently adopt July 1 to June 30, synchronizing with academic terms and grant cycles that transcend calendar boundaries. Empirically, this flexibility yields advantages in tax compliance and financial clarity: fiscal years preserve intra-period coherence for and expenses, averting the dual-return burdens of splits and easing year-over-year comparability when cycles recur predictably. However, mismatches introduce complexities, such as straddling two years for interim reporting or heightened reconciliation demands during audits, particularly for multinational entities navigating divergent national fiscal norms. Approximately 65% of U.S. publicly traded firms nonetheless default to years for with peer benchmarks and investor expectations, underscoring a between customization and uniformity.

Historical Origins and Evolution

Early Development in Accounting and Government

In ancient , around 3000 BCE, early systems recorded transactions on clay tablets for temples and palaces, involving periodic tallies of revenues from , trade, and labor to manage state resources. These practices evolved into yearly settlements of accounts, where surpluses or deficits were carried forward, reflecting an embryonic form of fiscal periodicity driven by the need to align expenditures with seasonal harvests and tax collections . Similarly, in from approximately 3000 BCE, the state implemented systematic taxation, primarily in grain and livestock, with collections occurring annually after the flood and harvest cycles. This created de facto fiscal periods, as pharaonic administrators consolidated records into interlocking yearly accounts for granaries and treasuries, enabling oversight of and military funding. By the Middle Kingdom (ca. 2030–1640 BCE), taxation shifted toward individuals and fields, necessitating more structured periodic reporting to balance central revenues against decentralized obligations. In medieval Europe, governmental accounting advanced with England's , established under Henry I around 1110 CE, which formalized a fiscal year from (September 29) to the following for revenue collection and auditing via . This charge-and-discharge system, the first known of its kind in medieval Europe, required sheriffs to account biannually—at and —but aggregated into annual cycles to reconcile royal incomes, feudal aids, and customary dues against expenditures. The choice of aligned with harvest completion, facilitating cash inflows for finance and influencing later practices. Private accounting during this era remained largely single-entry and transactional, with merchants in like employing seasonal or annual summaries by the to assess trade ventures, though without standardized fiscal calendars until influences. The governmental model of fixed annual periods gradually informed commercial practices, as —codified by in 1494—emphasized periodic trial balances to reflect ongoing solvency amid expanding commerce. These developments underscored the causal link between fiscal periodicity and : governments required synchronized revenue cycles to fund warfare and administration, predating uniform adoption in business accounting.

Key Reforms and Shifts in Major Economies

In the United States, the federal fiscal year originally aligned with the calendar year ending December 31, but in 1842, President signed legislation shifting it to July 1 through June 30, primarily to accommodate the timing of agricultural tax collections and provide Treasury officials additional time to audit and close annual accounts after the harvest season. This mid-year start persisted for over a century, facilitating seasonal revenue patterns but compressing post-election budgeting timelines. A major reform occurred with the ional Budget and Impoundment Control Act of 1974, which moved the fiscal year to October 1 through September 30 effective fiscal year 1977; the change aimed to grant roughly four extra months after elections to deliberate and pass appropriations bills, addressing chronic delays in budget approval that had plagued the prior system. The United Kingdom's fiscal year, historically tied to the agricultural quarter-day of on March 25 for settling rents and taxes, underwent an effective shift due to the Calendar (New Style) Act of 1751, which adopted the in 1752 by omitting 11 days in September. This adjustment advanced the year-end from March 25 to to maintain a full 12-month tax period, and a further tweak in 1800—to April 6—accounted for the century's leap year omission under the new system, preserving revenue continuity without legislative intent to alter fiscal alignment but resulting in a de facto reform. The April 6 start endures, reflecting pragmatic adaptation to calendrical precision rather than economic restructuring, though periodic discussions of aligning with the for administrative efficiency have not led to changes. In other major economies, fiscal year structures have shown greater stability, often adhering to the from to to synchronize with corporate reporting and international standards; for instance, and have retained this without substantive reforms, prioritizing consistency for EU budgetary coordination. Japan maintains an April 1 to March 31 fiscal year, rooted in early 20th-century practices to align with budgeting cycles, but lacks documented major shifts comparable to those in the US or UK. These variations underscore how reforms typically respond to domestic administrative needs, such as election timing or seasonal revenues, rather than global harmonization pressures.

Rationale, Advantages, and Criticisms

Reasons for Adopting Specific Fiscal Periods

Governments and organizations select fiscal periods to better align financial reporting and budgeting with operational realities, such as seasonal economic cycles, rather than arbitrary divisions. In agrarian economies, fiscal years frequently commence shortly after seasons to enable governments to assess agricultural output and related revenues before finalizing budgets; for example, many tropical nations initiate their fiscal year post-rainy to incorporate accurate on yields. This timing supports causal links between production cycles and fiscal , avoiding distortions from incomplete seasonal . Administrative efficiency drives other choices, particularly in providing legislatures sufficient time for budget deliberation without overlapping major holidays or election cycles. The federal government shifted its fiscal year to October 1–September 30 via the Congressional Budget and Impoundment Control Act of 1974, effective 1977, to allow additional months post-November elections for reviewing economic data and enacting appropriations, thereby reducing rushed decision-making. Similarly, jurisdictions avoiding December 31 year-ends mitigate disruptions from year-end holidays, which could impair audit completion and financial closeout processes. Economic and optimization further justifies deviations from the , as non-calendar periods permit better synchronization of revenues and expenditures within natural rhythms. For governments, this facilitates based on observed mid-year rather than projections alone, enhancing fiscal realism; businesses, by extension, adopt aligned periods to consolidate peak-season activities into single reporting cycles, improving the accuracy of metrics for stakeholders. In taxation, fiscal misalignment with calendars allows deferral of recognition or expense matching across periods, potentially smoothing liabilities in line with cash flows, though subject to regulatory constraints like IRS Form 1128 approval for changes. Historical inertia perpetuates certain periods, often tracing to pre-modern adjustments for climatic or imperial coordination, such as the United Kingdom's April 1 start, retained from post-Gregorian calendar reforms to preserve collection alignments established in the . Political factors, including across federal systems or avoidance of fiscal cliffs during volatile periods, also influence adoption, as seen in reforms prioritizing stability over uniformity. Overall, these selections prioritize empirical alignment with causal economic drivers over calendrical convenience, though they introduce complexities in international comparisons.

Empirical Advantages and Economic Benefits

Adopting a fiscal year that aligns with operational or seasonal cycles enables more accurate financial reporting by capturing complete periods of and patterns, rather than splitting them across artificial boundaries. For instance, retail firms often end their fiscal year in or to incorporate holiday sales data fully, which enhances the reliability of earnings metrics and supports superior managerial . This alignment reduces reporting distortions, as evidenced by industry practices where non-calendar fiscal years predominate in sectors like and , leading to stabler year-over-year comparisons and potentially lower for investors. Empirical analysis of the 2017 (TCJA) demonstrates tangible financial benefits from strategic fiscal year selection; multinational firms with fiscal years ending prior to December 31 possessed a temporal advantage in reducing cash balances to minimize the one-time toll tax on accumulated foreign earnings, resulting in lower effective tax burdens compared to calendar-year peers. A study examining this provision found that such fiscal year-end positioning allowed affected firms to implement tax-minimizing actions more prospectively, yielding measurable savings amid the mandate. This underscores how fiscal year flexibility can optimize responses to policy shifts, preserving capital for productive investments. In governmental contexts, non-calendar fiscal years promote efficient by synchronizing cycles with legislative timelines, mitigating end-of-period spending surges that characterize calendar-year systems. The U.S. federal government's shift to an October 1–September 30 fiscal year in 1976 extended the budgeting window from approximately four months to eight and a half, facilitating more comprehensive congressional review and reducing reliance on short-term expedients. This reform has correlated with enhanced fiscal planning, as longer horizons allow for better forecasting and expenditure matching to economic conditions, though outcomes depend on political discipline. For economies with pronounced seasonal factors, such as India's April–March cycle tied to agricultural monsoons, fiscal years improve predictability and responsiveness.

Disadvantages, Inefficiencies, and Critiques

One prominent inefficiency associated with fiscal years in budgeting is the "use-it-or-lose-it" , where agencies accelerate spending toward the end of the period to avoid forfeiting unallocated funds, often resulting in lower-quality expenditures. Empirical analysis of U.S. federal data from 2004 to 2009 reveals that agencies select contracts with significantly lower cost-effectiveness in the final weeks compared to earlier periods, with efficiency losses estimated at 10-20% of procurement value due to rushed decisions. This pattern manifests as a spending surge, exemplified by a nearly 75% increase in federal contract awards in (the end of the U.S. fiscal year) relative to the monthly average. Such year-end rushes distort and undermine fiscal discipline, as managers prioritize expenditure over strategic needs to preserve future budgets, fostering a cycle of over-appropriation followed by waste. In the U.S. context, this contributes to broader failures, including frequent delays in appropriations that exacerbate early-year conservatism and late-year profligacy. Critics argue this artificial deadline incentivizes short-termism, diverting focus from long-term efficiency and . In business accounting, fiscal years can introduce complexities when misaligned across subsidiaries or with peers, complicating financial consolidation and comparability. For multinational firms, differing fiscal periods lead to timing mismatches in and expense matching, increasing audit costs and error risks in aggregated reporting. Uniform fiscal year-ends, as mandated in some jurisdictions like , have been shown to impair reporting quality by forcing artificial alignments that do not reflect operational realities, potentially inflating or deflating performance metrics. Additionally, the annual close process strains resources, with heightened demands on teams leading to productivity losses and opportunities for oversight lapses. Broader critiques highlight how fiscal years impose rigid periodicity that may not correspond to economic or industry cycles, encouraging managerial behaviors geared toward meeting arbitrary benchmarks rather than sustainable growth. This can perpetuate inaccuracies in budgeting, as initial projections rarely adapt dynamically, resulting in either underutilization early in the period or corrective overcorrections later. Proponents of alternatives, such as continuous or rolling budgets, contend that the fixed fiscal framework inherently lags real-time economic shifts, though empirical adoption remains limited due to entrenched regulatory norms.

Relation to Taxation

Alignment with Tax Years

The alignment of a government's fiscal year with the tax year— the period defined for assessing and reporting —serves to synchronize inflows with budgetary cycles, allowing expenditures to be planned against revenues generated within the same economic timeframe. This practice, influenced by the need to capture complete collection cycles, reduces estimation errors in fiscal planning by ensuring that major sources like and corporate taxes are fully attributable to the relevant budget period. For example, countries such as and employ a fiscal and year from 1 to 30 June, facilitating direct correlation between assessments and allocations. In the , the tax year runs from 6 April to 5 April, a structure originating from adjustments to the in 1752 to avoid shortening the tax period during the transition, while the government's financial year operates from 1 April to 31 March, achieving substantial alignment despite a minor five-day discrepancy. This near-synchronicity enables the to project revenues from personal income tax, contributions, and corporation tax with high fidelity to the fiscal period, streamlining compliance and reducing administrative burdens for taxpayers whose reporting aligns closely. Many companies opt for a 31 March year-end to further harmonize with this framework, minimizing discrepancies in tax computations. Misalignment, as seen where the federal fiscal year ends 30 September but the standard year for individuals and most entities is the calendar year (1 January to 31 December), introduces challenges in revenue attribution. The fiscal year thus overlaps nine months of one year with three months of the prior, requiring the Office of Management and Budget to employ econometric models for partial-year receipts, which can amplify budgetary uncertainties amid economic shifts or delayed filings. This structure, established by the Congressional Budget and Impoundment Control Act shifting from 1 July, persists despite critiques of inaccuracies, as full alignment would necessitate overhauling entrenched filing norms.

Tax Planning and Compliance Implications

Businesses adopting a fiscal year for tax purposes can strategically time the recognition of income and expenses to optimize tax liabilities, such as deferring revenue into a subsequent period or accelerating deductible expenditures before year-end, provided the fiscal year aligns with a legitimate business cycle rather than solely for tax avoidance. This approach may level out taxable income across years, potentially reducing exposure to progressive tax brackets or enabling better cash flow management for tax payments, though the Internal Revenue Service (IRS) mandates a "business purpose" test—typically a natural business year where at least 25% of gross receipts occur in the last two months—for approval of non-calendar fiscal years to prevent abusive deferral. Compliance requirements intensify with fiscal years due to mismatched deadlines relative to calendar-based obligations, such as quarterly estimated tax payments, which remain tied to calendar quarters (April 15, June 15, September 15, and January 15) regardless of an entity's fiscal period, potentially complicating short-term liquidity and requiring more frequent reconciliations between book and tax accounting. C corporations using a fiscal year must file Form 1120 by the 15th day of the fourth month following the fiscal year-end—for instance, a June 30 year-end triggers a filing deadline of October 15—while S corporations and partnerships face the 15th day of the third month, with extensions available but subject to penalties for late payments or filings accruing at 5% per month up to 25%. Failure to maintain consistent records or obtain IRS approval via Form 1128 for changes can result in retroactive calendar year imposition, triggering short tax years with prorated exemptions and accelerated compliance burdens. In practice, fiscal year selection demands rigorous documentation to substantiate alignment with operational realities, as IRS audits often scrutinize deviations for deferral motives without economic substance, leading to recharacterization of and added interest penalties under Section 6662 for substantial understatements. Internationally, similar principles apply, with entities in jurisdictions like the facing harmonized reporting under IFRS but varying national tax year alignments that amplify cross-border compliance costs, such as adjustments across mismatched periods. Overall, while fiscal years offer planning flexibility, they heighten administrative complexity and compared to the default , necessitating advisory to balance benefits against heightened scrutiny.

Global Variations in Governmental Practice

Common Patterns and Starting Dates Worldwide

A substantial portion of countries worldwide, particularly in and among major economies like and , align their governmental fiscal years with the calendar year, running from January 1 to December 31. This pattern facilitates synchronization with and annual economic cycles observed in temperate climates, where budgeting can coincide with winter-to-winter planning. Examples include , , , and most OECD European members, where the calendar alignment supports streamlined data aggregation for supranational bodies like the . In regions influenced by British administrative traditions, a common alternative is the April 1 to March 31 fiscal year, which originated from historical agricultural and tax collection practices in the , where the period avoids mid-winter disruptions. This is adopted by Canada, India, Japan, and New Zealand (for some purposes), allowing governments to incorporate year-end data from the prior calendar year's final quarter before budgeting. The UK's central government fiscal year follows this structure, though its personal tax year spans April 6 to April 5 to account for historical leap year adjustments. Southern Hemisphere nations often prefer July 1 to June 30, aligning with their seasonal fiscal planning—such as post-harvest budgeting in , where this period captures the end of the financial year during cooler months conducive to audits. and certain African countries like employ this for federal operations, reflecting adaptations to local climate and economic rhythms that diverge from norms. The federal government stands out with its October 1 to September 30 cycle, established by the Congressional Budget and Impoundment Control Act of 1974 to provide additional time after summer recesses for appropriations, reducing end-of-calendar-year rushes. This offset pattern is less common globally but influences multinational entities dealing with U.S. contracts.
Fiscal PatternStart–End DatesKey ExamplesRationale Notes
Calendar AlignmentJanuary 1 – December 31, , , Matches global corporate norms and EU reporting cycles.
Spring OffsetApril 1 – March 31, , , (government)Ties to historical tax and agricultural closures.
Mid-Year StartJuly 1 – June 30, , Accommodates seasons and timing.
Fall OffsetOctober 1 – September 30 (federal)Enables extended legislative budgeting post-elections.
These patterns have persisted due to path-dependent institutional , with shifts rare and often driven by legislative reforms to enhance , as seen in the U.S. change from – in 1976. Less frequent variations, such as Afghanistan's March 21–March 20 (tied to the ), reflect cultural or climatic adaptations in fewer than 10% of nations.

Examples from Major Economies and Regions

In the , the federal government's fiscal year runs from October 1 to September 30, a structure established by the Congressional and Impoundment Control Act of to allow more time for following congressional elections. This misalignment with the has historically aimed to synchronize budgeting with post-harvest agricultural cycles, though it now facilitates extended legislative . The United Kingdom's fiscal year for government purposes aligns with the tax year, spanning April 6 to April 5, a convention tracing back to the in , which adjusted the previous March 25 start by 11 days. This period supports alignment with seasonal income patterns, including agricultural and wage earnings. Japan's national fiscal year commences on April 1 and concludes on March 31, reflecting historical ties to the rice harvest cycle and enabling synchronized planning across government ministries. The 2025 budget, enacted just before this start, totaled 115.5 trillion yen, underscoring the tight timeline for annual approvals.
Country/RegionStart DateEnd DateKey Rationale or Note
(Federal)October 1September 30Extended budget deliberation post-elections.
United KingdomApril 6April 5Historical calendar adjustment; tax alignment.
April 1March 31Agricultural cycle synchronization.
(Federal)January 1December 31Calendar year alignment for simplicity in EU reporting.
January 1December 31Standard calendar year for national budgeting and tax purposes.
April 1March 31Matches agricultural patterns for revenue estimation.
July 1June 30Mid-year start post-winter for fiscal planning.
(Federal)April 1March 31Harmonizes with provincial cycles and seasonal economic data.
January 1December 31Calendar alignment with EU fiscal surveillance requirements.
European Union (Institutions)January 1December 31Coincides with member state averages for multiannual framework execution.
Many member states, including and , adhere to the for federal budgeting to facilitate cross-border data comparability and compliance with EU fiscal rules, which emphasize deficit targets over period variations. In contrast, economies like and select April starts to capture post-winter economic activity, reducing estimation errors in forecasting tied to regional climates. These choices reflect causal links to local economic rhythms rather than uniform global standards, with calendar-year adopters prioritizing administrative efficiency.

Recent Adjustments and Reforms

In , a major economy with a fiscal year running from April 1 to March 31, the government initiated a review in 2020 amid the to assess potential shifts in the fiscal period's start date, aiming to better synchronize budgeting with economic cycles and international norms. A , constituted under the Department of Economic Affairs and led by former Finance Secretary , examined options including a January-December alignment or a July-June period, considering factors such as agricultural harvest timings, corporate reporting disruptions, and global comparability. The panel submitted its report in November 2021, highlighting challenges like the misalignment with the monsoon-driven Kharif (summer) and Rabi (winter) cycles, where March completions enable revenue projections for the ensuing year. Following extensive consultations with states, industries, and experts, the Indian government decided in March 2022 to retain the existing April-March framework, citing insufficient consensus on alternatives and the risks of transitional disruptions to tax filings, audits, and budgetary processes. This decision underscored empirical advantages of the current system, including alignment with domestic accrual patterns—such as post-harvest tax inflows—and avoidance of mid-year cuts that could exacerbate economic volatility during crises. The process itself represented a effort to evaluate causal links between fiscal timing and policy efficacy, though it affirmed the status quo's practicality over theoretical global standardization. Globally, few governments have enacted outright changes to fiscal year periods since 2020, reflecting the high costs of reconfiguration in entrenched systems, including software overhauls, legal amendments, and multi-year transition lags. For instance, proposals in smaller economies like (pre-2020 shift) or occasional debates in the on harmonizing national fiscal calendars with the calendar year have not materialized into reforms post-pandemic, as stability prioritizes predictable budgeting amid fiscal strains from debt accumulation and recovery spending. This inertia aligns with causal realism: altering fiscal endpoints disrupts sequential planning without guaranteed benefits, particularly when empirical data shows no strong between fiscal-calendar misalignment and macroeconomic underperformance in diverse economies.

Applications in Businesses and Organizations

Selection and Customization for Private Entities

Private entities, including corporations, partnerships, and sole proprietorships, select their fiscal year to synchronize financial reporting, budgeting, and tax compliance with operational realities rather than strictly following the . , the (IRS) permits businesses to adopt a fiscal year defined as 12 consecutive months ending on the last day of any month except December, or a 52-53 week year varying from 52 to 53 weeks and ending on the same weekday. This choice is typically established upon filing the entity's initial federal return, such as Form 1120 for corporations, which locks in the tax year unless subsequently changed. Certain entities, like personal service corporations, face restrictions and may be required to use a absent a permissible fiscal year justification. Customization of the fiscal year end often prioritizes alignment with the entity's "natural year," where revenue and expenses peak at consistent intervals, enabling more accurate and reduced interim distortions. For instance, retail and consumer goods companies frequently select January 31 as the fiscal year end to incorporate full holiday season results, avoiding splits across calendar years that could understate peak-period contributions. Similarly, agricultural or firms may choose September 30 or June 30 to match seasonal cycles, minimizing the impact of weather or harvest variability on annual statements. This flexibility can optimize cash flows for tax payments and provide modest deferral benefits by shifting income recognition, though U.S. tax law under the limits such strategies to cases with a substantial purpose, preventing arbitrary selections solely for deferral. Altering an established fiscal year requires IRS approval through Form 1128, with automatic consent granted for certain changes like conforming to a owner's year or achieving uniformity with controlled group members, but discretionary approvals demand evidence of operational necessity. Transition periods may involve short years, triggering pro-rated deductions and potential acceleration of recognition, which can impose administrative burdens and compliance costs. Outside the U.S., private entities in jurisdictions like or the similarly customize fiscal years under local authorities, often ending on dates that reflect industry norms—such as March 31 for many U.K. firms—to facilitate comparability and audit efficiency, though regulatory filings must adhere to statutory deadlines. Such selections underscore causal links between fiscal alignment and reduced reporting inefficiencies, as mismatched periods can inflate year-end workloads and obscure trend analysis.

Impacts on Financial Reporting and Strategy

Businesses select fiscal years to align financial reporting periods with operational cycles, thereby enhancing the accuracy and relevance of annual statements by capturing peak or patterns within a single period. For instance, retail firms frequently adopt a year-end to incorporate the full holiday shopping season, which accounts for up to 20-30% of annual sales in many cases, allowing for more precise year-over-year performance comparisons and reduced distortion from partial-period inclusions. This customization contrasts with calendar-year reporting, which may split seasonal peaks across two fiscal periods, potentially smoothing but obscuring true cyclical trends in financial disclosures. The choice influences by synchronizing budgeting, forecasting, and investment decisions with natural business rhythms, minimizing disruptions from arbitrary cutoffs. Companies can time major expenditures or to optimize reported profitability; for example, deferring certain costs to the next period or accelerating collections can level streams, aiding investor perceptions and compliance with covenants tied to metrics. However, mismatches between a firm's fiscal year and those of suppliers, customers, or regulators complicate inter-entity comparisons and consolidated reporting, often requiring adjustments that increase audit complexity and costs—estimated at 10-20% higher for cross-fiscal integrations in mergers. Fiscal year ends dictate the timing of earnings announcements, which drive short-term stock volatility as markets react to quarterly and annual results; clustered announcements around popular ends like December or March can amplify sector-wide price swings due to heightened scrutiny and liquidity. Strategically, firms may shift year-ends to avoid overlapping with competitors' releases, spreading information flow and potentially stabilizing share prices, though regulatory approvals under standards like SEC rules limit such changes to material business justifications. Overall, while flexibility in selection supports tailored reporting, it demands rigorous internal controls to prevent manipulation risks, as evidenced by enforcement actions against premature revenue recognition timed to fiscal closes.

Controversies and Policy Debates

Fiscal Misalignments and Economic Disruptions

Fiscal misalignments arise when the fiscal years of governments, businesses, or international entities diverge, complicating financial consolidation, tax synchronization, and . In multinational corporations with subsidiaries operating under differing fiscal calendars, such discrepancies delay aggregated reporting, heighten error risks in , and elevate compliance costs due to mismatched timelines and regulatory filings. These issues distort by forcing adjustments, reducing comparability of performance data across periods, and increasing administrative burdens that divert resources from productive activities. A primary source of disruption stems from the U.S. federal government's fiscal year (October 1 to September 30), which misaligns with the used by many private firms and state governments, affecting and contracting cycles. Government contractors experience uneven cash flows, as federal obligations spike toward September 30 to meet "use it or lose it" rules, leading to rushed awards that prioritize speed over competitive value and long-term efficiency. This end-of-year surge—evidenced by federal nondefense obligations rising up to 30% in the final quarter—results in suboptimal purchases, such as accelerated hiring or equipment buys without full , contributing to wasteful expenditure estimated in billions annually. The "use it or lose it" , inherent to annual appropriations expiring at fiscal year-end, causally drives these distortions, as agencies face reduced future budgets for unspent funds. Empirical analysis of agencies with rollover , exempt from this , reveals significantly muted year-end spending spikes—obligations increase by only 5-10% less than in constrained peers—confirming the policy's role in inefficient timing over merit-based allocation. Such practices elevate costs by 10-20% due to diminished and rushed processes, while distorting broader economic signals through artificial pulses that inflate short-term prices without corresponding gains. Internationally, fiscal year variations—such as Japan's start versus the EU's predominant alignment—exacerbate disruptions in cross-border trade and investment, where mismatched reporting periods hinder timely data harmonization for and coordination. For instance, discrepancies in fiscal calendars contribute to delays in bilateral fiscal transfers and , amplifying volatility in developing economies reliant on timely inflows. These misalignments perpetuate inefficiencies, as evidenced by higher operational resilience costs for firms navigating political and fiscal risk divergences between suppliers and buyers. debates highlight proposals for greater , like shifting national fiscal years to calendars, to mitigate these frictions, though entrenched budgeting traditions and political cycles resist change.

Government Shutdowns and Budgetary Deadlines

In the United States, federal government shutdowns arise primarily from failures to enact appropriations by key budgetary deadlines tied to the fiscal year, which runs from to 30. Under the of 1884, as amended, federal agencies are prohibited from obligating or expending funds without congressional appropriation, leading to a lapse in funding that halts non-essential operations when the prior year's appropriations expire without renewal. This mechanism enforces strict adherence to annual budgeting but creates vulnerability to partisan impasses, as must pass 12 discrete appropriations bills—or consolidate them into an omnibus package—covering for defense and non-defense programs, typically totaling around $1.5 trillion annually in recent cycles. Failure to meet the deadline, or the expiration of short-term continuing resolutions (CRs) used as stopgap measures, triggers shutdowns, distinguishing the U.S. system from most parliamentary democracies where automatic carryover funding or executive flexibility prevents such disruptions. Budgetary deadlines intensify around the fiscal year transition, with historically struggling to complete appropriations on time; for instance, only four fiscal years since 1977 have seen all bills enacted by September 30. CRs, which maintain funding at prior-year levels minus certain adjustments, have become routine extensions, averaging over 100 days of such interim measures per fiscal year in recent decades, but they often embed disputes—such as spending cuts, program priorities, or unrelated riders like immigration reforms—that precipitate shutdowns when negotiations stall. The debt ceiling, while separate, compounds deadlines by limiting borrowing authority, though it does not directly cause shutdowns unless tied to spending debates. Significant shutdowns have occurred sporadically since the modern precedent in fiscal year , often lasting from one day to over a month, with causes rooted in disagreements over deficit reduction, entitlement reforms, or symbolic issues like border security. The table below summarizes major instances since 1995, excluding brief pre-1980 gaps that did not result in full shutdowns:
DatesDuration (days)Primary Cause
November 13–19, 19955Disputes between President Clinton and Republican over Medicare cuts and spending levels
December 16, 1995–January 6, 199621Continued impasse on demands and
September 30–October 21, 201316Republican efforts to defund the amid budget talks
December 22, 2018–January 25, 201935Standoff over President Trump's demand for $5.7 billion in border wall funding
These events affected up to 800,000 federal employees via furloughs, closed national parks and monuments, delayed IRS refunds, and suspended non-essential services like processing, with estimated economic costs exceeding $11 billion in the 2018–2019 case alone from lost productivity and private-sector ripple effects. Essential functions, including active-duty military pay, , and Social Security disbursements, continue via prior-year funds or exemptions, but prolonged lapses strain state and local governments covering federal shortfalls in grants. The October 1, 2025, shutdown for fiscal year 2026, ongoing as of late October, exemplifies recurring patterns, stemming from congressional delays in passing appropriations amid debates over spending caps and defense priorities, marking the first full lapse since 2019. Such deadlines underscore the U.S. Constitution's , where executive implementation depends on legislative funding, but critics argue the shutdown threat incentivizes over compromise, as evidenced by over 20 funding gaps since 1977 without equivalent disruptions abroad. Reforms like biennial budgeting have been proposed to align deadlines more feasibly with fiscal cycles, though partisan divides persist.

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  81. https://www.pgpf.org/article/a-brief-history-of-us-government-shutdowns-and-why-other-countries-do-not-have-them/
  82. https://www.pewresearch.org/short-reads/2025/10/01/congress-has-long-struggled-to-pass-spending-bills-on-time/
  83. https://history.house.gov/Institution/Shutdown/Government-Shutdowns/
  84. https://www.crfb.org/papers/government-shutdowns-qa-everything-you-should-know
  85. https://www.npr.org/2025/10/01/nx-s1-5559267/government-shutdown-length-history
  86. https://www.cbsnews.com/news/government-shutdown-history-congress/
  87. https://www.ncsl.org/in-dc/federal-government-shutdown-what-it-means-for-states-and-programs
  88. https://www.congress.gov/crs-product/R47693
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