Full text of Federal Reserve Bank of New York Circulars : 4311. Deposits of March Tax Collections in Treasury Tax and Loan Accounts

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FED ERAL RE SE R V E BANK
O F NEW YORK
Fiscal Agent of the United States
j" Circular N o. 4 3 1 1 T
L February 21. 1956 J

D eposits o f M arch T ax C ollection s in T reasury T a x and L oan A ccou n ts

To all Treasury T ax and Loan D epositaries
in the Second F ederal B eserve D istrict:

The T reasury has announced that D irectors o f Internal Revenue w ill be instructed to
make special deposits with F ederal R eserve Banks, during the period M arch 1 through
A p r il
taxes.

6, 1956,

o f checks o f $10,000 or m ore representing payments o f corporation income

T he T reasury D epartm ent has also announced that drawee banks qualified as

Special D epositaries o f P ublic M oneys m ay receive 50 per cent o f these remittances fo r
deposit in their T reasury T ax and L oan A ccounts, subject, however, to the condition that
the T reasury m ay find it necessary either to increase or decrease the percentage amount
o f the checks fo r credit in T reasury T ax and L oan A ccounts fro m time to time during the
period, if such action is required to prevent undue fluctuations in the amount o f the bal­
ances in the accounts o f the T reasurer o f the U nited States with F ederal R eserve Banks.
W e w ill prepare daily a special form o f cash letter, w ith an attached certificate
form , fo r the M arch tax collections included in the special deposits o f the D irectors o f
Internal Revenue during the period. The amount shown in the certificate will be fo r 50 per
cent o f the amount o f those checks eligible fo r credit to T reasury T ax and L oan A ccounts
or fo r such other percentage o f the amount o f the checks as the T reasury may subse­
quently specify. Special depositaries, w ishing to accept the amount shown in the certifi­
cate attached to the cash letter fo r deposit in their T reasury T ax and L oan Accounts,
should execute and return the certificate attached to the cash letter, in accordance with the
instructions contained in the letter.
In m aking withdrawals from T reasury Tax and L oan Accounts, the T reasury w ill
make no distinction between the M arch tax funds and other credits to such accounts.
A dditional copies o f this circular w ill be furnished upon request.




A llan

S proul,

President.