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

This bill establishes tax incentives for "lifelong learning accounts" to support education and training expenses. Individuals can exclude up to $2,500 in employer contributions from taxable income and receive a tax credit (50% on first $500/$1,000 of personal contributions, then 25% on additional amounts). Employers can claim a 25% credit for contributions to employees' accounts (up to $2,500 per employee), with small businesses eligible for additional credit for administrative costs. These accounts must be used exclusively for qualified education expenses like courses, training, apprenticeships, books, equipment, and tuition, but not for recreational programs. The accounts are available to individuals aged 18-70 with specific rules governing contributions, distributions, and account management.