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

SB 305 modifies Oklahoma's income tax rates for specific tax years, primarily adjusting the top marginal tax rate for high-income earners. It changes the tax rate applied to income above certain thresholds for taxable years beginning on or after January 1, 2004, from 7% to 6.65% (previously 6.75% for 1999-2001 and 7% for 2002-2003). This bill directly affects Oklahoma residents and nonresidents filing state income tax returns who earn income within the highest tax bracket. The amendment updates statutory language and references in Oklahoma Statutes Title 68, Section 2355, effective for tax years starting in 2004 and beyond.