AK SB218

Suspends Alaska's motor fuel tax (AS 43.40.010) for two years, from July 1, 2010 through June 30, 2012

Requires fuel dealers to submit monthly reports to the Department of Revenue detailing all sales and transfers of gasoline, diesel, and aviation fuel during the suspension period

Authorizes penalties up to $5,000 against dealers who fail to file required monthly reports or supporting invoices

Grants the Department of Revenue authority to adopt implementing regulations under the Administrative Procedure Act

Takes effect immediately upon passage, with the tax suspension automatically repealing on June 30, 2012 and reporting requirements ending August 31, 2012