A personal firearm, a firearm action or receiver, a firearm accessory, or ammunition that is manufactured commercially or privately in the state to be used or sold within the state is not subject to federal law or federal regulation, including registration, under the authority of Congress to regulate interstate commerce.
However, there is a big problem with this, as pointed out by the Tribune:
The Legislature's own lawyers, in an analysis of the bill, conclude that it is highly likely the bill would be found unconstitutional by the courts. The reason is the Constitution's Supremacy Clause, which places the federal government above the states in the constitutional pecking order, and because of existing judicial interpretations of federal firearms laws as they apply to conduct within a single state.
And, as we all know, the state has a large budget surplus right now, so there's plenty of money to spend on a lawsuit.......
Oh, wait. Nevermind.