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  4. Why do federal corporate taxes increase in the fourth quarter of 2015?

Why do federal corporate taxes increase in the fourth quarter of 2015?

The Fixing America's Surface Transportation Act, which was enacted on December 4, 2015, requires that any surplus funds held by the 12 regional Federal Reserve Banks in excess of $10 billion be transferred to the U.S. Treasury. The estimate of federal corporate taxes for the fourth quarter of 2015 includes a payment of $19.3 billion ($77.2 billion at an annual rate) from the Federal Reserve Banks to the U.S. Treasury to reduce this surplus to $10 billion.

For additional information about this payment, see the December 2015 statistical release of the Board of Governors of the Federal Reserve System at http://www.federalreserve.gov/releases/h41/20151231/ or the 2015 annual report of the Board of Governors of the Federal Reserve System at http://www.federalreserve.gov/publications/annual-report/files/2015-annual-report.pdf

See also How do the GDP accounts treat the Federal Reserve banks?

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