Income tax; modifying certain rates, exemptions, and deductions for certain tax years. Effective date. Emergency.

SB 98 modifies Oklahoma's individual income tax rates, deductions, and exemptions for specific tax years. It lowers the top tax rate on income above certain thresholds from 7% to 6.65% for tax years beginning on or after January 1, 2004, while maintaining a 7% rate for 2002-2003. The bill also adjusts standard deduction amounts and limits certain personal exemptions for these tax years. These changes apply to Oklahoma residents filing individual income tax returns under the state's tax code.