OK SB360

Establishes a lifelong learning account pilot program administered by the Oklahoma College Savings Plan Board of Trustees to allow individuals to deposit earned income for qualified education and training expenses.

Permits employer contributions to lifelong learning accounts to be matched by employers, financial institutions, the state, or other entities for tuition, fees, books, and other educational expenses at higher education or career/technology institutions.

Creates a 50% income tax credit for employers contributing to employee lifelong learning accounts, with a $500 annual limit per account and $1,000,000 total annual cap, with excess credits carried forward up to 3 years.

Exempts contributions made by employers to beneficiary lifelong learning accounts from the beneficiary's taxable income beginning the first January 1 after program implementation.

Requires the Board of Trustees to seek public and private funding, administer the program separately from other education savings plans, and submit annual reports to the Governor and Legislature with expanded findings due by November 1, 2015.