'The Shawshank Redemption' star - who has two children with partner Susan Sarandon - arrived to vote in a New York polling station when he was told his name was not on the register.
When he was given the option of filling out a provisional ballot, Tim reportedly refused and the altercation which then broke out led to officers arriving on the scene.
After a discussion with the police, Tim was told to go to the Board of Elections' office to confirm he is a registered voter. A judge then issued a court order which allowed him to vote.
However, Tim has played down the incident, insisting he was not the only one affected by the situation which arose at the polling station.
He said: "The fact that there's some kind of attention being paid to me - what should be the real story is there are many like me who did not have the time to do what I did. A lot of people went to their polling places and wound up not being able to vote, or they had to cast affidavit ballots."
"This is info the poll workers should have had. This didn't just happen to me, it happened to a significant amount of people."
It was revealed early Wednesday that Democrat representative Barack Obama has made history and will become America's first African-American President, beating Republican rival John McCain to the post.
Speaking to supporters at a huge rally in Chicago's Grant Park after his victory had been announced, Obama said: "If there is anyone out there who still doubts that America is a place where all things are possible, who still wonders if the dream of the founders is alive in our time, who still questions the power of our democracy, tonight is your answer."
"I will never forget who this victory truly belongs to. It belongs to you."
Obama had the support of a host of celebrities, including Oprah Winfrey, Sir Paul McCartney, Scarlett Johansson, Bruce Springsteen, P. Diddy, Lindsay Lohan and rapper Jay-Z, who showed his dedication to Obama's campaign with a rousing speech.
Jay-Z said: "Martin Luther King walked so that Obama could run. Obama is running so that we all can fly. I can't wait to say, 'Hello, Brother President'."
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