Intangible Tax Law and Legal Definition

The intangibles tax refers to a specific tax against the ownership of intangible property such as stocks, bonds, money market funds, and bank account balances. It is imposed on the privilege of owning, transferring, and devising of intangible property.

The intangible tax is a local tax and it is levied for local purposes. [Friedlander v. Gorman, 126 Ohio St. 163, 169 (Ohio 1933)].