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F E D E R A L R E S E R V E BA N K O F N EW YORK Fiscal Agent of the United States r Circular N o. 4 7 0 5 1 L February 17, 1959 J Deposits of March Corporation Tax Collections in Treasury Tax and Loan Accounts To all Treasury T ax and Loan D epositaries in the Second Federal Reserve D istrict: The T reasury D epartm 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 r il 3, 1959, o f checks o f $10,000 or more, representing paym ents o f corp ora tion incom e taxes. The T reasury has also announced that drawee banks qualified as Special D epositaries o f P ublic M oneys m ay receive up to 50 per cent o f the amount o f these rem ittances fo r deposit in T reasury T ax and L oan Accounts, subject, however, to the condition that the T reasury m ay find it necessary to increase or decrease the percent age amount o f the checks fo r credit to the T ax and L oan A ccounts fro m time to time during the period, if such action is required to prevent undue fluctuations in 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 w ill be fo r up to 50 per cent o f the amount o f those checks eligible fo r credit to T reasury T ax and L oan Accounts or fo r such other percentage as the T reasury m ay subsequently specify. Special depositaries w ishing to accept fo r deposit in T ax and L oan A ccounts 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. A dditional copies o f this circular w ill be furnished upon request. A lfr e d H a y e s , P r es id en t.
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