Revenue and taxation; income tax; rates; effective date.

HB 1009 reduces Oklahoma's individual and corporate income tax rates. For individuals, it lowers the top marginal tax rate from 6.75% to 6.65% for taxable years beginning on or after January 1, 2004. It also reduces the corporate income tax rate and specifies the tax years (starting in 2004) when these lower rates apply. The bill directly affects Oklahoma residents and businesses that pay state income tax, lowering their tax liability under the revised rates.