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

This bill creates tax exclusions for New Jersey taxpayers using "lifelong learning accounts" to cover education expenses. Eligible taxpayers (aged 18-70) can exclude up to $2,500 in employer contributions and account earnings from their gross income each year. Distributions used for qualified education expenses (e.g., tuition, books) are also excluded from taxable income, but nonqualified withdrawals incur a 5% penalty tax. The accounts must be administered by banks or approved entities, cannot invest in life insurance, and require strict reporting to avoid penalties. This directly affects New Jersey residents saving for education through these designated accounts.