Establishes certain exclusions and credits under gross income and corporation business taxes for contributions to lifelong learning accounts.

This bill creates tax benefits for "lifelong learning accounts" to help New Jersey residents pay for education and training. It allows individuals to exclude up to $2,500 in employer contributions from taxable income, and provides tax credits for personal contributions (50% of the first $500 or $1,000 for joint filers, then 25% for additional amounts). Employers can receive tax credits equal to 25% of contributions made to employees' accounts, up to $2,500 per employee per year, with small businesses eligible for additional credits for administrative costs. Accounts must be used exclusively for qualified education expenses like courses, training, apprenticeships, and related materials (not recreational purposes), and distributions for non-qualified purposes incur a 5% penalty. The accounts are available to taxpayers aged 18-70 who contribute to their own accounts or receive employer contributions.