The Bill actually translates into this: You must have a CCW in your home state, and your home state must have reciprocity with UT. If your home state does not have reciprocity (ie - CA), you are not eligible to apply for a UT permit, but only if this law is signed by the governor. I dont know how the governor feels about losing 250k per year, so I really don't know what the Gov will do.
Here is a clean copy of the highlighted changes to the previously Bill. This came straight from the UT BCI (that issues the permits). The below link will summarize the bill: