OK SB1165

Amends 68 O.S. Section 2355 to delete obsolete income tax rate provisions for taxable years before January 1, 2008

Consolidates individual income tax structure by removing old tax bracket methods (Method 1 and Method 2) that applied to years 1999-2007

Retains current tax rates for individuals (2008-2014): 5.50% top rate, or 5.25% if contingently approved; simplifies to 5% then 4.85% for 2015 and beyond

Maintains corporate tax rate at 6% for all taxable years after December 31, 1989

Effective November 1, 2014; makes conforming updates to references throughout the statute