Section 11.02 - Intangible Personal Property(a) Except as provided by Subsection (b) of this section, intangible personal property is not taxable.(b) Intangible property governed by Article 4.01, Insurance Code, or by Section 89.003, Finance Code, is taxable as provided by law, unless exempt by law, if this state has jurisdiction to tax those intangibles.(c) This state has jurisdiction to tax intangible personal property if the property is: (1) owned by a resident of this state; or(2) located in this state for business purposes. Acts 1999, 76th Leg., ch. 62, Sec. 7.88, eff. Sept. 1, 1999 Amended by Acts 1984, 68th Leg., 2nd C.S., ch. 31, art. 3, part A, Sec. 1, eff. Jan. 1, 1985 Acts 1979, 66th Leg., p. 2233, ch. 841, Sec. 1, eff. Jan. 1, 1980.