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

SB 322 amends Oklahoma's individual income tax rate schedules (68 O.S. 2021, Section 2355) for specific tax years, not corporate tax rates as the title suggests. It modifies the tax rates applied to different income brackets, adjusting percentages for taxable years beginning after December 31, 1998, through 2004. For example, it changes the top marginal rate from 6.75% to 7% for certain years (2002-2003) before reverting to 6.65% for years starting in 2004. The bill primarily affects Oklahoma individual taxpayers filing under the specified income brackets, not corporations. Note: The bill title references corporate tax rates, but the text provided only addresses individual income tax brackets.