I do not own a gun. I fall into the "I would probably hurt myself with it" camp, so I really don't have a dog in this fight.
One of the first arguments I would have with this would be the obvious overburdening this would place on law enforcement. We are going to now cite people for failure to register firearms yearly? Even assuming a 50% compliance rate, how many new courthouses are you going to build to hear these cases? Magically how are you going to pay for all the new enforcement officers? Enforcement would literally have to be the door to door type search that so many anti-gun folks say would never happen, but that is the only way you could prove someone doesn't have a gun. We have a certain vocal portion of our population that complains about the over incarceration rate in the county, but yet we are finding new ways to jail people?. This proposal doesn't do anything but put a burden on law abiding citizens. It is just a layer of the onion type proposal that somehow believes you can reduce the level of gun violence via government bureaucracy. it would be interesting to see what side the ACLU comes down on this one.
My other concern I would have is the security of the database that is maintained. We can't go a week in the country without hearing about some hack of supposedly unhackable databases. Talk about an absolute goldmine of info were this information to get out. Criminals, armed with this info, would now be able to target citizens who have desirable gun collections for burglary or worse.
Again just the faults I see with this bill on first blush.
For those of you interested, Colorado has been going though an interesting debate here with the passage of the Red Flag Gun Bill. It basically allows the courts to remove weapons from people that are deemed a threat to themselves or others upon petition of family members or law enforcement. It is really an interesting subject, which has prompted some counties to declare themselves 2nd Amendment sanctuary counties and saying they will not recognize it. I can tell you most of our local LE are vehemently opposed to this bill and are actively fighting it.