Arkansas DMV Bill of Sale Form is a legal instrument intended to facilitate the issuance of the tax credit to the seller of the motor vehicle. Please prepare this form in duplicate and hand over a copy to each party. The seller and the titleholder of the motor vehicle must submit this form to the Department of Revenue for tax credit. The law permits the seller to request a tax refund in case the seller has previously paid tax on the newly bought vehicle. Arkansas DMV Bill of Sale Form is suitable during the sale of motor vehicle, semi-trailer, and trailer. Misinterpretation or falsification of information using this form is a punishable offence under the provision in Arkansas law. The seller and the buyer must sign this form pursuant to Act 1232 and 1047. The Preparer must
- Submit this form within 45 days of the date of the sale of the motor vehicle to the Department of Revenue to ask for tax credits.
- Use this form during the sale of a new or old motor vehicle, semi-trailer, or trailer.
- File a refund claim form to apply for a tax refund.
- Any individual, business, or association can use this Arkansas DMV Bill of Sale Form to apply for the tax credit. However, the entity must be a rightful titleholder to apply for tax credit.
- Arkansas DMV Bill of Sale Form must contain signatures of all parties, amount of the sale, motor vehicle description, and date of sale.
4 Easy Steps to Prepare Arkansas DMV Bill of Sale Form
Step 1: Purchaser’s Details
Enter purchaser’s name, phone number, and address including the street address, name of city, name of state, and zip code in the respective spaces in step 1.
Step 2: Seller’s Details
Enter seller’s name, phone number, and address including the street address, name of city, name of state, and zip code in the respective spaces in step 2.
Step 3: Details of the Motor Vehicle
Please provide make, year, and model of the motor vehicle. Continue by entering VIN or vehicle identification number, odometer reading, date of the sale, and the amount of sale in the respective spaces in step 3.
Step 4: Signatures and Undertaking
The buyer and the seller must sign in the appropriate box after entering the date in step 4 of preparing Arkansas DMV Bill of Sale Form.
Summary
Arkansas DMV Bill of Sale Form is a tool to apply for the tax credit to the Department of Revenue when a titleholder sells a motor vehicle within 45 days of buying it. However, a settlement payment made by an insurance company is not valid to apply for tax credit. The buyer and seller must sign this form, prepare in duplicate, and hand over a copy to each party. The seller must submit this Arkansas DMV Bill of Sale Form within 45 days of the date of the sale of the vehicle. Any individual, business, or association can use this form during the sale of a motor vehicle, semi-trailer, or trailer.
