TAX NEWS - May 2009

Alaska tax: Announcement Regarding Revised Economic Montly Information Report

Alaska Department of Revenue, Tax Division
Economic Research

Revised Economic Monthly Information Report
May 04, 2009

The Department of Revenue has posted a revised Economic Monthly Information Report, Form 0405-305 along with user documentation, available on our website at: http://www.tax.alaska.gov/programs/programs/forms/index.aspx?60652.

The Department of Revenue has revised the monthly reporting form to provide more efficient and streamlined service to users and the department. The revised standardized format for monthly data submission will allow the Tax Division to import validated data into a DOR database using more efficient tools to gather reported information.

Every entity (corporate level) involved in oil and gas operations in the State of Alaska is required to file a monthly information report with the department pursuant to (15 AAC 55.520(f)). The revised monthly reporting process will continue to use the Online Tax Information System (OTIS) currently in place for production tax payments. Use of the revised Excel form for monthly reporting will be required beginning with the filing for the April, 2009 production month, due June 1, 2009. Taxpayers will be able to upload their April, 2009 reports beginning May 18, 2009.

The revised Excel form is similar in structure to the form that has been in use since May, 2008. Changes to the form include the following:

1. Oil volumes are to be reported in the 100 section of each worksheet, separate from NGL volumes. NGL volumes are to be reported in the 300 section of each worksheet.
2. A section for ELF data has been added to each worksheet in lines 850, 851, and 852. Please enter ELF information for each Participating Area in the lines provided.
3. A separate sheet for comments is included with the form for providing additional explanatory information.
4. Lease expenditures are reported in total dollars, not in thousand's or million's, of dollars.
5. Cells, columns, rows, and sheets are locked, and cannot be moved or altered.

There may be other slight modifications to the revised monthly reporting form that are not listed here. In addition, certain deficiencies or incorrectly entered information may cause your monthly form to be rejected by the system. Please consult the Economic Monthly Reporting Data Delivery Process user documentation, Form 0405-306, posted with this form at:
http://www.tax.alaska.gov/programs/programs/forms/index.aspx?60652 for more information on how to submit your data successfully.

If you have any difficulties accessing or entering information on the revised form; please contact the Tax Division at (907) 269-6620 or by email at Tax_EconomicResearch@alaska.gov.