Full text of Federal Reserve Bank of New York Circulars : 4338. Deposits of June Tax Collections in Treasury Tax and Loan Accounts

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FED ER A L R E SE R V E BANK
O F N EW YORK
Fiscal A gen t of the United States
rC irc u la r No. 4 3 3 8 1
M ay 22. 1956
J

L

Deposits of June Tax Collections in Treasury Tax and Loan Accounts

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

The T reasury D epartm ent has announced that D irectors of In tern al Revenue will be
instructed to make special deposits with F ed eral Reserve Banks, during the period Ju n e 1
through Ju ly 6, 1956, of checks of $10,000 or more, representing paym ents of corporation
and individual income taxes. The T reasury lias also announced that drawee banks
qualified as Special D epositaries of Public Moneys may receive 50 per cent of these rem it­
tances for deposit in their T reasury Tax and Loan Accounts, subject, however, to the con­
dition th a t the T reasury may find it necessary either to increase or decrease the percentage
amount of the checks for credit in T reasu ry 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 balances in the accounts of the T reasu rer of the United States with Federal Reserve
Banks.
W e will prepare daily a special form of cash letter, w ith an attached certificate
form, for the Ju n e tax checks included in the special deposits of the D irectors of In tern al
Revenue during the period. The amount shown in the certificate will be for 50 per cent
of the amount of those checks eligible for credit to T reasu ry Tax and Loan Accounts or
for such other percentage of the amount of the checks as the T reasury may subsequently
specify. Special depositaries, wishing to accept the amount shown in the certificate
attached to the cash letter for deposit in their T reasu ry Tax and Loan Accounts, should
execute and return the certificate attached to the cash letter, in accordance with the
instructions contained in the letter.
In making w ithdraw als from T reasury Tax and Loan Accounts, the T reasu ry will
make no distinction between the June tax funds and other credits to such accounts.
A dditional copies of this circular will be furnished upon request.




A llan S proul,

President.