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