Thanks to John Richardson for updating with the language. I like the bill overall, as it bases its authority on the 14th Amendment, but does not bet the farm on it, as it also bases it on the commerce power as well. My only concern is I worry the language isn’t clear enough, and leaves some weasel room for states like New Jersey and cities like New York:
(b) A person carrying a concealed handgun under this section shall be permitted to carry a handgun subject to the same conditions or limitations that apply to residents of the State who have permits issued by the State or are otherwise lawfully allowed to do so by the State.
The concern here is that New Jersey’s condition and limitation is chiefly whether or not you have a need. Fortunately, that is clarified a bit in the next subsection:
(c) In a State that allows the issuing authority for licenses or permits to carry concealed firearms to impose restrictions on the carrying of firearms by individual holders of such licenses or permits, a firearm shall be carried according to the same terms authorized by an unrestricted license or permit issued to a resident of the State.
What if New Jersey simply declares that it does not issue unrestricted licenses, and that the restrictions are subject to a needs based test? Clearly that goes against the spirit of the law, but it’s weasel room. Also, my understanding is that a resident of the State of New York that has an unrestricted permit may still not carry within the City of New York, without having a separate permit from the City of New York. I don’t know enough about how New York Law is structured, but I’m not sure this bill will allow you to carry in New York City.
This bill also does not have the same provisions for those in Vermont who do not have the option to get a license to carry, but Vermonters can get covered by obtaining a non-resident license from another state. That provision was likely left out to increase the chance of passage.
UPDATE: From New York Penal Code:
License:  validity. Any license issued pursuant to this section shall be valid notwithstanding the provisions of any local law or ordinance. No license shall be transferable to any other person or premises. A license to carry or possess a pistol or revolver, not otherwise limited as to place or time of possession, shall be effective throughout the state, except that the same shall not be valid within the city of New York unless a special permit granting validity is issued by the police commissioner of that city.
So in New York State Law, the City of New York is off limits as a matter of state law, without a license from the City of New York. While this reciprocity bill preempts local law, it does not preempt state law in the matter of where one can and can’t carry. There is a very plausible argument that under this bill, New York City is off limits without a license form that city. Also consider this section:
(d) Nothing in this section shall be construed to preempt any provision of State law with respect to the issuance of licenses or permits to carry concealed firearms.
If people are going to have faith in this bill, the language needs to be rock solid and clear. Otherwise someone is going to end up in prison.