Income tax; modifying certain income tax rate for certain tax years. Effective date.

SB 293 modifies Oklahoma's individual income tax rates for taxable years beginning on or after January 1, 2004, by reducing the top marginal tax rate from 7% to 6.65% on income above specified thresholds. This change directly affects Oklahoma residents and nonresidents filing income tax returns whose taxable income exceeds the bracket where the top rate applies. The bill updates Section 2355 of Oklahoma's tax code to reflect this rate adjustment for higher-income taxpayers, while maintaining all other tax brackets and calculation methods unchanged. The effective date aligns with the 2004 tax year, as specified in the bill's title and amended statute.