S.1569

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

Establishes certain exclusions and credits under gross income and corporation business taxes for contributions to lifelong learning accounts. Excludes employer contributions and account earnings from gross income. Provides a credit for personal contributions, with a maximum creditable contribution limit of $2,500 per year, reduced for higher income taxpayers. Employers receive a credit for contributions made to employees' accounts, with an additional credit for administrative costs for small businesses.