N.Y. Const. art. XVI, § 3: Situs of intangible personal property; taxation of

§ 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.