For sure it wouldn't be effective until 2012. I already have my applications in for 2011 in New Mexico.
I think there is still a decent chance that it won't even make it to a vote on the senate floor. This is a short session (60 days) and there are a LOT of other bills that are more important that this one that they should be voting on. Hopefully it will stay hung up in the finance committee for the rest of the session.