What a shit show. They really are trying to make it something that current owners won't go apeshit about: grandfather it in with a requirement that the owner/maker must mark it and record it, but nothing more (I reviewed the bill text - there is no requirement until 2022 that the markings be made or logged by an FFL). That little Trojan Horse may well be enough to sneak this through. I'm sure a large number of current owners will take the easy route of shrugging their shoulders and say "well, it doesn't impact me in any meaningful way, so I can live with it."
.... Until in the 2022 session or after they make a requirement that everyone register such guns. Now you have an item with your name and city on it, which can't be obliterated, and if it turns up in your possession unregistered you get bent over by the .gov overlords. Like I said, this is bad not just for what it does, but for the fact that a lot of homemade owners will shrug and ignore it.
On the other end of the spectrum is the ammunition NICS check right out of California, which is just a train wreck. All. The. Way. Around.
On some future mandatory registration theory...how does it being engraved with your information make a lick of difference?
Okay, well if they mandate registration later and you get found with an unregistered gun later, it doesn't matter if it is engraved with your information or blank. You are still screwed, better have registered it.
Or if registration of them comes along and you really don't want to, destroy the firearm rather than registering it prior to the requirement to submit registration.
The only way I can see it REALLY mattering is if you've transferred a gun you made for yourself, to someone else later and YOU engraved it with your information prior to transferring it. Well, since the law says once it goes in to effect NO homemade firearm manufactured before January 1, 2022 can be transferred to anyone except a family member or law enforcement...well now THERE is a problem.
Of course there is the issue that if you had decided to engrave your 80%, say with just a serial number or something, and this bill becomes law, you'll have to find a way to fit in the other things required by this law. Or if your home built firearm DOES NOT HAVE A WAY TO BE ENGRAVED OR PERMANENTLY MARKED THAT COMPLIES WITH THIS BILL AND ATF REQUIREMENTS. My first generation PF940 doesn't have an engraving plate. So I guess if the law passes it goes in a burn barrel after being cut up. At least some of my later generation ones do have engraving plates and could probably be brought in to compliance with this law.