AK SB228

Establishes a tiered investment tax credit for facilities producing liquids from gas, coal, or biomass, ranging from 100 percent on the first $50 million to 40 percent on investments between $200 million and $1 billion, with a maximum credit of $475 million per facility.

Limits the credit to investments made after December 31, 2010 and before December 31, 2020, and requires facilities to begin operation and production after December 31, 2010 to qualify.

Caps the annual investment tax credit at 60 percent of eligible tax liability, with unused portions eligible for carryforward.

Amends the definition of "used in the state" to include gas used as fuel or feedstock in manufacturing processes that create end products in-state, regardless of final disposition of those products.

Defines "manufacturing process" as chemical conversion or combination of gas with other substances, excluding gas processing, treatment, dehydration, fractionation, compression, and liquefaction.