Via US News:
Owners of an estimated 1 million previously legal semiautomatic rifles, such as the Bushmaster model used to kill 20 children and six adults in Newtown, Conn., a month ago, will be allowed to keep their weapons but will have a year to register them with police. The sale of any more such weapons is prohibited.
"When there's a pileup of events, when the federal government does not do it, the state of New York has to lead the way," said state Assemblyman Joseph Lentol, a Brooklyn Democrat and co-sponsor.
In addition to outlawing a broader array of military-style weapons, the measure restricts ammunition magazines to seven rounds, down from the current 10, creates a more comprehensive database of people barred from owning guns, and makes New York the first state to require background checks to buy bullets. The system will also help flag customers who buy large amounts of ammo.