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

SB 323 modifies Oklahoma's individual income tax rates for specific tax years, directly affecting residents who file under the standard tax calculation methods. It changes the tax rate applied to the highest portion of taxable income ("the remainder") from 6.75% for 1999-2001, to 7% for 2002-2003, and to 6.65% for 2004 and later. The bill updates the tax bracket structure described in Section 2355 of Oklahoma's tax code, which determines how income above certain thresholds is taxed. This adjustment affects all Oklahoma individual taxpayers using the standard tax calculation method, not corporations as the title suggests. The changes take effect for the specified tax years beginning after the effective date.