New Procedure for Collecting Alabama State Capital Gains Taxes for Out of State Owners

The State of Alabama has had a Capital Gains tax for many years. Our State Government recently passed a new law dictating that this tax be handled in a much different way for out of state owners than it has been handled in the past. For out of state owners, this tax will now be collected at closing and there are new procedures that will need to be followed. We will be happy to send you information on this upon request. We do feel it is our job to alert many of you to this new procedure and prevent surprises.