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

SB 295 modifies Oklahoma's individual income tax rates for tax years beginning on or after January 1, 2004. It reduces the top tax rate from 7% to 6.65% on taxable income above certain thresholds for both single filers and married couples filing jointly. This change applies to all Oklahoma residents and nonresidents who file income tax returns under the specified brackets. The bill also updates related withholding requirements and statutory references. It affects taxpayers whose income exceeds the income levels covered by the lower tax brackets.