Tangible Personal Property Law and Legal Definition

According to 49 CFR 262.3 [Title 49 – Transportation; Subtitle B Other Regulations Relating to Transportation; Chapter II Federal Railroad Administration, Department of Transportation; Part 262 Implementation of Program for Capital Grants for Rail Line Relocation and Improvement Projects], tangible personal property means “property, other than real property, that has a physical existence and an intrinsic value, including machinery, equipment and vehicles.”