Full text of Federal Reserve Bank of New York Circulars : 4467. Deposits of June Tax Collections in Treasury Tax and Loan Accounts

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F E D E R A L R E S E R V E BANK
OF NEW YORK
Fiscal A gen t o f the U nited States

r Circular N o. 4 4 6 7 1
M ay 20, 1957
J

L

Deposits of June Tax Collections in Treasury Tax and Loan Accounts

To all Treasury T ax and Loan D epositaries
in the Second Federal R eserve D is tr ic t:

The Treasury Department lias announced that Directors of Internal Revenue will be
instructed to make special deposits with Federal Reserve Banks, during the period June 1
through July 5, 1957, o f checks of $10,000 or more, representing payments o f corporation
and individual income taxes.

The Treasury has also announced that drawee banks

qualified as Special Depositaries o f Public Moneys may receive 50 per cent o f these remit­
tances for deposit in Treasury Tax and Loan Accounts, subject, however, to the condi­
tion that the Treasury may find it necessary either to increase or decrease the percentage
amount of the checks for credit to the Tax and Loan Accounts 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 of the Treasurer o f 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 checks included in the special deposits o f the Directors o f Internal
Revenue during the period. The amount shown in the certificate will be for 50 per cent
o f the amount of those checks eligible fo r credit to Treasury Tax and Loan Accounts or
for such other percentage o f the amount of the checks as the Treasury may subsequently
specify. Special depositaries wishing to accept for deposit in Tax and Loan Accounts the
amount shown in the certificate attached to the cash letter should execute and return the
certificate, in accordance with the instructions contained in the cash letter.
Additional copies of this circular will be furnished upon request.




A

lfred

H

ayes,

President.