Full text of Federal Reserve Bank of New York Circulars : 4235. Deposits of June 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
f Circular N o. 4 2 3 5 *1
L
M ay 26, 1955
J

Deposits of June 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 o f Internal Revenue will be instructed to
make special deposits with Federal Reserve Banks, during the period May 31 through
July 1, 1955, o f checks o f $10,000 or more representing payments o f corporation and indi­
vidual income taxes. The Treasury has also announced that drawee banks qualified as
Special Depositaries of Public Moneys may receive 50 per cent o f these remittances for
deposit in their Treasury Tax and Loan Accounts, subject, however, to the condition that
the Treasury may find it necessary either to increase or decrease the percentage amount
o f the checks fo r credit in Treasury Tax and Loan Accounts from time to time during the
period, if such action is required to prevent undue fluctuations in the amount of the bal­
ances in the accounts o f the Treasurer of the United States with Federal Reserve Banks.
W e will prepare daily a special form of cash letter, with an attached certificate form,
for the June tax collections that are included in the special deposits of the Directors of
Internal Revenue during the period. The amount shown in the certificate will be for 50 per
cent o f the amount o f those checks eligible for credit to Treasury Tax and Loan Accounts
or for such other percentage of the amount of the checks as the Treasury may subse­
quently specify. Special depositaries, wishing to accept the amount shown in the certifi­
cate attached to 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
instructions contained in the letter.
Withdrawals from funds arising from the June tax payments in the Treasury Tax and
Loan Accounts will be made as required by the needs o f the Treasury.
Additional copies of this circular will be furnished upon request.




A

llan

S proul,

President.