Full text of Federal Reserve Bank of New York Circulars : 4568. Deposits of March Tax Collections in Treasury Tax and Loan Accounts

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FED ERAL RE SE R V E BANK
O F NEW YORK
Fiscal Agent of the United States
r C ircu la r N o . 4 5 6 8 1
L F e b ru a ry 17, 1958 J

Deposits o f March Tax Collections in Treasury Tax and Loan Accounts

T o all Treasury T ax and Loan D epositaries
in the Sccond Federal E eserve D istrict:

The Treasury Department has announced that Directors of Internal Revenue will be
instructed to make special deposits with Federal Reserve Banks, during the period March 1
through April 4, 1958, of checks of $10,000 or more, representing payments of corporation
income taxes. The Treasury has also announced that drawee banks qualified as Special
Depositaries of Public Moneys may receive up to 50 per cent of these remittances for
deposit in 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 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 of the balances
in the accounts of the Treasurer of the United States with Federal Reserve Banks.
We will prepare daily a special form of cash letter, with an attached certificate form,
for the March tax checks 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
of the amount of 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 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.