The bill's wording doesn't make it as simple as paying the money and driving off, though. Under this language, owners must still to get a vehicle that's from 1976 or newer smog checked, and if the model fails, they must make the necessary repairs. After a second unsuccessful test, the drivers could then fork over the $200 to keep the car on the road. The cash would go to the Air Quality Improvement Fund, just like a portion of present vehicle registration fees.
This proposal would offer some flexibility to California's current smog test. Owners must conduct a biennial check if the vehicle is from 1976 or newer. While the evaluation isn't necessarily a problem for modern vehicles, owners of vintages rides can have problems passing.
With AB 550 currently in the Assembly Committee on Transportation, SEMA is asking classic car fans to contact California's politicians. According to information from the legislature, the proposal was scheduled for hearings before the committee twice, but they were canceled by author the both times. You can read the bill's full text for yourself, here.