Situs of intangible personal property; taxation of

§ 3. Moneys, credits, securities and other intangible personal\nproperty within the state not employed in carrying on any business\ntherein by the owner shall be deemed to be located at the domicile of\nthe owner for purposes of taxation, and, if held in trust, shall not be\ndeemed to be located in this state for purposes of taxation because of\nthe trustee being domiciled in this state, provided that if no other\nstate has jurisdiction to subject such property held in trust to death\ntaxation, it may be deemed property having a taxable situs within this\nstate for purposes of death taxation. Intangible personal property shall\nnot be taxed ad valorem nor shall any excise tax be levied solely\nbecause of the ownership or possession thereof, except that the income\ntherefrom may be taken into consideration in computing any excise tax\nmeasured by income generally. Undistributed profits shall not be taxed.\n