Establishes tax exclusions and credits for contributions to lifelong learning accounts in New Jersey.

The bill establishes tax exclusions and credits for contributions to lifelong learning accounts in New Jersey. It allows eligible taxpayers to exclude employer contributions of up to $2,500 per year and account earnings from gross income. Contributions to the accounts are limited to $2,500 per year, except for rollovers. The bill provides a gross income tax credit for personal contributions to the accounts and for employer contributions to employee accounts. The credit for personal contributions is 50% of the first $500 of contributions and 25% of contributions exceeding $500.

Establishes tax exclusions and credits for contributions to lifelong learning accounts in New Jersey.

The bill establishes tax exclusions and credits for contributions to lifelong learning accounts in New Jersey. It allows eligible taxpayers to exclude employer contributions of up to $2,500 per year and account earnings from gross income. Contributions to the accounts are limited to $2,500 per year, except for rollovers. The bill provides a gross income tax credit for personal contributions to the accounts and for employer contributions to employee accounts. The credit for personal contributions is 50% of the first $500 of contributions and 25% of contributions exceeding $500.