Full text of Federal Reserve Bank of New York Circulars : 4203. Deposits of March Tax Collections in Treasury Tax and Loan Accounts

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FED ERAL RE SE R V E BANK
OF NEW YORK
Fiscal Agent of the United States

r Circular N o. 4 2 0 3 * 1
L February 24, 1955 J

Deposits of March Tax Collections in Treasury Tax and Loan Accounts

To all Treasury Tax and Loan Depositaries
in the Second Federal Reserve D istrict:

The Treasury has announced that Directors of Internal Revenue will be instructed to
make special deposits with Federal Reserve Banks, during the period February 28 through
A pril 1, 1955, of checks o f $10,000 or more representing payments o f corporation income
taxes. The Treasury has also announced that drawee banks qualified as Special Deposi­
taries o f Public Moneys may receive 25 per cent o f these remittances for deposit in their
Treasury Tax and Loan Accounts.
W e will prepare daily a special form of cash letter, with an attached certificate form,
fo r the March tax collections that are included in the special deposits o f the Directors of
Internal Revenue during the period. Until further notice, the amount shown in the certificate
will be for 25 per cent o f the amount of those checks eligible fo r credit to Treasury Tax
and Loan Accounts. Special depositaries, wishing to accept funds equal to 25 per cent of
the amount of the cash letter fo r deposit in their Treasury Tax and Loan Accounts, should
execute and return the certificate attached to the cash letter, in accordance with the instruc­
tions contained in the letter.
Withdrawals from funds arising from the March tax payments in the Tax and Loan
Accounts will be made as required by the needs of the Treasury.
Additional copies of this circular will be furnished upon request.




A

llan

S proul,

President.