Full text of Federal Reserve Bank of New York Circulars : 5109. Deposits of December Tax Collections in Treasury Tax and Loan Accounts

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FED ERAL RESERVE BANK
OF

NEW

YORK

Fiscal Agent of the United States

f C ircu la r N o. S 1 0 9 “I
LN ovem ber 16, 1961 J

Deposits of December Tax Collections in Treasury Tax
and Loan Accounts

T o A ll Treasury T a x and Loan D epositaries
in the Second Federal R eserv e D istrict:

The Treasury Department has advised us that Directors o f Internal
Revenue will be instructed to make special deposits with Federal R e­
serve Banks, during the period December 1 through December 29,1961,
of checks of $10,000 or more, representing payments o f corporation
income taxes due December 15,1961. Drawee banks qualified as Special
Depositaries of Public Moneys may receive up to 50 per cent o f the
amount o f 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 fluctua­
tions in the account o f 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 tax checks included in the special deposits of
the Directors o f 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 in­
structions contained in the cash letter.




Additional copies of this circular will be furnished upon request.
A lfred H ayes,
P re s id e n t.