Relating to the income tax; restructuring the individual income tax; modifying certain additions to and subtractions from federal taxable income, providing for certain subtractions including a subtraction for certain K-12 education expenses; conforming certain provisions to federal S corporation rules, redefining S corporation; disallowing itemized deductions, providing for a charitable contributions credit; providing for standard deduction and personal exemption amounts; modifying the corporate and individual accelerated cost recovery systems (ACRS); modifying the credit for prior years liability under the alternative minimum tax; repealing the working family and education credits and the AMT on preference items (ra)