HB 2197 - DIGEST

      Imposes a tax on the privilege of ownership of intangible personal property.

      Defines "intangible property" as property exempted from ad valorem taxation under RCW 84.36.070.

      Provides that the tax, with certain exceptions, shall be one percent of the income derived therefrom.

      Requires trustees and agents to file annual reports on intangible property in their possession.