New bill in KY would ban most NFA weapons

http://www.lrc.ky.gov/record/13RS/SB92.htm
AN ACT relating to firearms and declaring an emergency.
Create a new section of KRS Chapter 237 to limit the applicability and enforceability of federal firearms laws within the boundaries of Kentucky;
create a new section of KRS Chapter 237 to prohibit certain firearms such as machine guns and short-barreled shot guns and rifles;
amend KRS 237.030 to specify additional firearm definitions;
amend KRS 237.070 to conform; create a new section of KRS Chapter 527 to prohibit certain persons from possessing firearms; EMERGENCY.

Have you read the meat of the legislation?

I ask because many states (FL is one) have laws prohibiting machine guns, SBR's, etc. but they specifically exempt items lawfully possessed under federal law (e.g. NFA'34).

This bill doesnt include a grandfather clause or exempt legally registered weapons.

(2) Subsection (1) of this section shall not apply to members of the Armed Forces of the United States, members of the National Guard, or law enforcement officers within the scope of their duties, nor shall it prohibit licensed gun dealers from possessing those firearms for the purpose of receiving and transferring them to members of the Armed Forces of the United States, members of the National Guard, or law enforcement officers for use within the scope of their duties.
(3) A violation of this section shall be a Class D felony.

So they are basically proposing to shut down Knob Creek. Hang on... I'm gonna go make some popcorn... this is gonna be good!