Final text released from Senate Finance Committee.
https://www.finance.senate.gov/imo/media/doc/finance_committee_legislative_text_title_vii.pdf
See pages 261-263.
Only machine guns and destructive devices would remain NFA items, and it makes a very good attempt at fixing state law problems in states that require NFA registration for such items (e.g., Georgia). I would still feel more comfortable with a state law statutory change, but take a look at it and share your thoughts.
So basically it takes this:
www.law.cornell.edu
(a)Firearm
The term “
firearm” means (1) a
shotgun having a barrel or barrels of less than 18 inches in length; (2) a weapon made from a
shotgun if such weapon as modified has an overall length of less than 26 inches or a barrel or barrels of less than 18 inches in length; (3) a
rifle having a barrel or barrels of less than 16 inches in length; (4) a weapon made from a
rifle if such weapon as modified has an overall length of less than 26 inches or a barrel or barrels of less than 16 inches in length; (5)
any other weapon, as defined in subsection (e); (6) a
machinegun;(7) any silencer (as defined in
section 921 of title 18, United States Code); and (8) a
destructive device. The term
“firearm” shall not include an
antique firearm or any device (other than a
machinegun or
destructive device) which, although designed as a weapon, the Secretary finds by reason of the date of its manufacture, value, design, and other characteristics is primarily a collector’s item and is not likely to be used as a weapon.
and turns it into this:
(a)Firearm
The term "firearm" means a machinegun or a destructive device.
There is a little more to it (see link to the text of the bill above), but that is the basic gist of it.
Let's hope it passes the full Senate.