Wow, that's really interesting! Timely, too.
I don't have a collectible vehicle (well--I might in 20 years if I hang on to my '05 GTO), but a 60-something man just moved in across the street and he has this gorgeous, stock-looking, white '69 Firebird--the kind with the tach on the hood.
I talked to him a couple of weeks ago as he was carting boxes into his house. I was washing the GTO in my driveway and his 'Bird was parked curbside. Evidently sensing a Pontiac kinship, he came over to introduce himself. One of the first things he asked me was where he could get his car "smogged." That must be Californian. Here in AZ, we just say, "emissions tested." He was complaining about having to get the car certified, because in California it's a rolling 30-year cutoff, whereas in AZ it's all cars '69 or newer (I think).
Anyway, under this new law, it appears my new neighbor wouldn't have to bother with the emissions test--provided he has the car insured as a collectible or a classic. I'll have to tell him.