That said, it is a weird bill. It basically returns copyright to the fixed terms of about a century ago for new works.
That part is reasonably straightforward.
But then the weird parts: existing copyright is also shortened -- but only for copyright held by large corporations in specifically named industries.
But then, just to make life more confusing still, any existing work that would have it's copyright shortened to May 1, 2032 or sooner has an extra change: anybody who bought a license to such a work loses half the length of the license.
I'm not a constitutional scholar, but this seems moderately dubious to me, but it might be constitutionally viable maybe.
The whole thing is super weird.
But, it isn't going to pass, so it doesn't really matter.