"Vehicle Bill of Sale (Credit for Vehicle Sold)" - Arkansas

Arkansas Vehicle Bill of Sale Form

The Arkansas Vehicle Bill of Sale (Credit for Vehicle Sold) is a document that records the sale or transfer of a vehicle (used motor vehicles, trailers, and semi-trailers) from the seller to the buyer. This form was released by the Revenue Division of the Arkansas Department of Finance and Administration. The Arkansas law allows for sales and use tax credit for motor vehicle sales - a certain amount of money that a taxpayer can subtract from the taxes owed to the government. If a consumer buys a new vehicle and within 45 days before or after the date of the purchase sells a different vehicle, this individual is entitled to receive a credit of the sales or use tax on the new item. The latest edition of the form is available for download below.

This bill of sale is not the only form used to sell a vehicle, because its scope of application is limited. If the purchase of the new vehicle has not or will not occur, you need to use the State of Arkansas Vehicle Bill of Sale/Odometer Disclosure Statement. This document provides the description of the vehicle, buyer/company information, dealer's/seller's name and address, date of the purchase, and the sales price information.

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Do You Need a Bill of Sale to Register a Car in Arkansas?

An Arkansas bill of sale is required to register a car. Any motor vehicle has to be registered within one month of purchasing it. You need to visit your local Department of Revenue Office to undergo the process of registration. Additionally, the Revenue Office is the place where you can receive immediate tax savings. You will need to submit a copy of the form and pay all your registration fees. If the vehicle has not been registered in Arkansas before, the vehicle identification number (VIN) will be inspected. If you bought and registered a new vehicle prior to selling the old one, you can request a refund for all or part of the tax paid. To do this, fill out a refund claim form in your local Revenue Office when you register your new car.

How to Write a Bill of Sale for a Car in Arkansas?

All bills of sale for vehicles must comply with the state requirements for the seller to receive credit. This form contains the purchaser's and the seller's full names, phone numbers, addresses, description of the vehicle (year, make, model, VIN, and odometer reading), the date of the sale, price, and signatures of the parties. The seller and the buyer must have a copy of the document.

Does a Vehicle Bill of Sale Have to be Notarized in Arkansas?

The form is an official document released by the Arkansas Department of Finance and Administration and does not require to be notarized.


Take a look at these related forms below:

Download "Vehicle Bill of Sale (Credit for Vehicle Sold)" - Arkansas

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Arkansas Department of Finance and Administration
Revenue Division
_______________________________________________________
Bill of Sale
(For a vehicle claimed as a tax credit towards the purchase of a replacement vehicle)
Purchaser(s) Name(s)
Phone Number
Address
City, State, Zip
Seller(s) Names
Phone Number
Address
City, State, Zip
Year, Make, Model of Vehicle Sold
Vehicle Identification Number (VIN)
Odometer Reading
Date Vehicle Sold
Sale Price
Purchaser’s Acknowledgement: I (we) hereby swear and affirm that the above information is true and correct. I
understand that any attempt to evade or defeat the payment of the proper amount of tax on the aforementioned
vehicle by making any false statement is a felony under Arkansas law punishable by fine, imprisonment, or both.
Signature of Purchaser(s)
Date
Seller’s Acknowledgement: I (we) hereby swear and affirm that the above information is true
and correct, and that said vehicle was owned and sold by me, and that I am entitled to a reduction
in the taxable price of a newly acquired vehicle under the provisions of Act 1232 of 1997, as
amended. I understand that any attempt to evade or defeat the payment of the proper amount of
tax by making any false statement is a felony under Arkansas law punishable by fine,
imprisonment, or both.
Signature of Seller(s)
Date
Arkansas Department of Finance and Administration
Revenue Division
_______________________________________________________
Bill of Sale
(For a vehicle claimed as a tax credit towards the purchase of a replacement vehicle)
Purchaser(s) Name(s)
Phone Number
Address
City, State, Zip
Seller(s) Names
Phone Number
Address
City, State, Zip
Year, Make, Model of Vehicle Sold
Vehicle Identification Number (VIN)
Odometer Reading
Date Vehicle Sold
Sale Price
Purchaser’s Acknowledgement: I (we) hereby swear and affirm that the above information is true and correct. I
understand that any attempt to evade or defeat the payment of the proper amount of tax on the aforementioned
vehicle by making any false statement is a felony under Arkansas law punishable by fine, imprisonment, or both.
Signature of Purchaser(s)
Date
Seller’s Acknowledgement: I (we) hereby swear and affirm that the above information is true
and correct, and that said vehicle was owned and sold by me, and that I am entitled to a reduction
in the taxable price of a newly acquired vehicle under the provisions of Act 1232 of 1997, as
amended. I understand that any attempt to evade or defeat the payment of the proper amount of
tax by making any false statement is a felony under Arkansas law punishable by fine,
imprisonment, or both.
Signature of Seller(s)
Date
INSTRUCTIONS
CREDIT FOR SALE OF USED VEHICLE
Pursuant to Act 1232 of 1997, as amended by Act 1047 of 2001, both the seller and
buyer must sign their names to the bill of sale on page 1 of this form in order for the
seller to receive a credit. Please remember that a copy should be given to both the
purchaser and seller.
IMPORTANT: A settlement payment received from an insurance company does
not qualify as a sale for this credit.
The law provides for a sales and use tax credit for new and used motor vehicles,
trailers, or semi trailers purchased on or after January 1, 1998, if within 45 days either
before or after the date of purchase, the consumer sells a used motor vehicle, trailer or
semi trailer. The calculation of the tax due is done in the same manner as the trade-in
credit that is available to those consumers who trade-in a vehicle. Only a consumer
whose name is on the title of the vehicle sold can take the credit. A consumer means
any private individual, business, organization or association. The credit cannot be
transferred to a consumer who did not have title to the vehicle that was sold.
How to take the Credit - This credit is taken directly at your local Revenue Office when
registering a vehicle if the old vehicle has already been sold. To receive immediate tax
savings, simply present a copy of the bill of sale found on the opposite page to your
local Revenue Office when registering the new vehicle.
Important: If the taxpayer claiming the credit fails to provide a bill of sale signed by all
parties to the transaction which reflects the total consideration paid to the seller for the
vehicle, tax shall be due on the total consideration paid for the new or used vehicle,
trailer or semi trailer without any deduction for the value of the item sold.
_____________________
For those consumers who sell a vehicle after registering and paying tax on another
vehicle, then a refund may be requested. To receive a refund, pick up a refund claim
form from your local Revenue Office when registering your new vehicle.
Remember
that a copy of the bill of sale for the vehicle sold will also be required in order to receive
a refund. Important: If a vehicle is sold after registering the other vehicle, the sale must
take place within 45 days of the date the other vehicle was purchased.
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