After spending a few minutes reading this bill it seems that the following is what it does...
It changes Section 336 to include some additional items. I think this than does not affect anyone under 107:
"...when flown in the immediate reaches of the airspace above property...the operator has the permission of the property owner."
Above property would be with 200' of the ground or structure.
It goes on to talk about how the FAA also needs to start coordination with several states to begin talks on how to create further, local, regulations on drones.
This bill needs to be approved by the Senate and the House before section 336 can be changed. Keep in mind, this has been tried before and failed.
My 2 cents if this were to happen... it would basically make flying almost impossible unless it's over land that you own. That is, if the law were actually enforced. Right now no one in the US can fly beyond VLOS. How many people have been charged with this. I suspect the only time this law would be used is if there was n actual complaint made against a person. However, this would allow anyone to simply raise the complaint and then the law, at least, would be used as a threat to get the operator to stop flying in the area. IMHO, the 200' rule amounts to a way to stop anyone from flying anywhere.