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FED ERAL RE SE R V E BANK OF NEW YORK Fiscal Agent of the United States r Circular No. L 4 4 28*1 February 19, 1957 J Deposits o f March Tax Collections in Treasury Tax and Loan Accounts To all Treasury T ax and Loan D epositaries in th e Second Federal Reserve D istrict: The T reasury Departm ent 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 ril 5, 1957, o f checks o f $10,000 or m ore, representing paym ents o f corporation and individual income taxes. The T reasury 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 rem it tances fo r deposit in T reasury T ax and L oan Accounts, subject, however, to the condi tion that the T reasury may find it necessary either to increase or decrease the percentage amount o f the checks fo r credit to the T ax and L oan A ccounts from time to time during the period, if such action is required to prevent undue fluctuations in the amount o f the balances 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, with an attached certificate form , fo r the M arch tax checks 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 Loan A ccounts or fo r such other percentage o f the amount o f the checks as the T reasury m ay subsequently specify. Special depositaries w ishing to accept fo r deposit in T ax and Loan Accounts the amount shown in the certificate attached to the cash letter should execute and return the certificate, in accordance w ith the instructions contained in the cash letter. A dditional copies o f this circular will be furnished upon request. A lfred H ayes, President.
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