Tax; modifying certain income tax rates for certain tax years. Effective date.

SB 290 modifies Oklahoma's individual income tax rates for specific tax years by adjusting the percentage applied to different income brackets. It changes the tax rates for taxable years beginning before 2002 (6.75% on remaining income), 2002-2004 (7%), and 2004 onward (6.65%), while also updating related withholding requirements. The bill directly affects all Oklahoma residents and nonresidents filing individual income tax returns under the specified tax years. Key provisions include revising the tax percentages for each income tier in the progressive tax structure. The changes apply to taxpayers filing returns for the affected tax years, as defined in the amended statute.