Full text of Federal Reserve Bank of New York Circulars : 4661. Deposits of December 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 RESER VE BANK
O F NEW YORK
Fiscal A gen t o f the U nited States
f Circular No. 4 6 6 11
I November 17,1958 J

D eposits o f D ecem ber T ax C ollection s in T reasury T ax and Loan A ccounts

To all Treasury Tax and Loan D epositaries
in the Second Federal R 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
December 1, 1958, through January 5, 1959, of checks of $10,000 or more, representing
payments of corporation income taxes and excess profits taxes. The Treasury has also
announced that drawee banks qualified as Special Depositaries of Public Moneys may
receive up to 50 per cent of the amount of these remittances for deposit in Treasury Tax
and Loan Accounts, subject, however, to the condition that the Treasury may find it
necessary 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 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 December 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 up to 50

per cent of the amount of those checks eligible for credit to Treasury Tax and Loan
Accounts or for such other percentage 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.