[Hardcase]

sigcurious, that's a good question. From my reading of the text of the bill, it would have no effect:

"Notwithstanding any provision of the law of any State or political subdivision thereof (except as provided in subsection (b)), a person who is not prohibited by Federal law from possessing, transporting, shipping, or receiving a firearm, and who is carrying a valid identification document containing a photograph of the person, and a valid license or permit which is issued pursuant to the law of a State and which permits the person to carry a concealed firearm, may possess or carry a concealed handgun (other than a machinegun or destructive device) that has been shipped or transported in interstate or foreign commerce, in any State, other than the State of residence of the person"

As I read it, a person may obtain a concealed weapons permit from any state and, under the terms of this bill, be able to use it in any state other than his state of residence. The bill does not require the permit holder's state to recognize his out of state permit.

It seems perverse, but it is sort of a crumb thrown to the states' rights folks. If you live in a "may issue" state, you can't make an end run around the state law by getting an out of state permit.