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FEDERAL RESERVE BANK OF DALLAS FIS C A L AGENT O F THE U N ITE S STATES Dallas, Texas, November 17,1965 SPECIAL HANDLING OF TAX PAYMENTS To All Treasury Tax and Loan Depositaries in the Eleventh Federal Reserve District: The Treasury Department has announced that the procedure with respect to the special handling of large payments of income taxes which is customarily in effect during periods of heavy tax payments, will be effective for the December 1965 corporation income tax collections, and will be applicable to the extent of 50 percent of the amount of such tax checks of $10,000 or more. During the period from December 15, 1965, through December 31, 1965, Directors of Internal Revenue will make special deposits of eligible tax checks of $10,000 or more with the Federal Reserve banks. Each day this bank will prepare in the name of the drawee depositary bank a “Special Draft for Credit in Treasury Tax and Loan Account,” in an amount not to exceed 50 percent of the amount of such checks. In accordance with conditions set forth on the face of the special drafts, the depositaries may exercise their options to accept the amounts shown on the special drafts for deposit in their Treasury Tax and Loan Accounts. Attention is called to the requirement that deposits in the account be secured at the time of entry by the pledge of adequate collateral. The Treasury Department reserves the right to increase or decrease the percentage amount of such checks for credit in the Treasury Tax and Loan Account during the period, if such action is required, to prevent undue fluctuations in the account of the Treasurer of the United States with Federal Reserve banks. Withdrawals of balances in Treasury Tax and Loan Accounts will be made as required by the needs of the Treasury, and no distinction will be made between these and other deposits. Additional copies of this circular will be furnished upon request Yours very truly, Watrous H. Irons President This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)
