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

SB 292 modifies Oklahoma's individual income tax rates by reducing the highest tax rate from 7% to 6.65% for taxable years beginning on or after January 1, 2004. This change applies to the portion of income above specific thresholds for both single filers and married couples filing jointly under the standard tax calculation method (Method 1). It directly affects Oklahoma residents and nonresidents who file individual income tax returns using this method. The bill updates the tax code to reflect this rate adjustment for those tax years.