"a qualifying firearm," = an NFA item, which is already required to be registered under penalty of ten years in prison and a fine of $250,00.
The section 922.(o) amendment to FOPA-86 closed off all opportunity for such arms to be registered without a new "amnesty" being declared.
This bill creates that amnesty opportunity, but only for qualified veterans.
Oops, my mistake, i saw the 1968 legal transfer date, but missed the fact that they had to enter pre-1968.