Arkansas Motor Vehicle Trade-In Credit Limited

Friday, August 26th, 2016

 
 
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The Arkansas Department of Finance and Administration ruled that the motor vehicle trade-in credit did not apply when vehicles were exchanged for a debt forgiveness instead of cash.

Arkansas offers a sales tax trade-in credit for motor vehicle sales. The credit is only available when a vehicle is traded in for cash or a cash equivalent, such as a check or money order. This is because no sale occurs if no cash or cash equivalent is exchanged for property.

https://www.ark.org/dfa-act896/index.php/api/document/download/16-317%2C%2016-318%2C%2016-319.pdf


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Transaction (buying or selling things), Tax (the tax on this activity), Resources (our people, our website, our support services) - TTR, Inc.

TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.

TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.

Please visit TTR on the web at www.ttrus.com or call 866.578.8193.

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