You are a little ahead of your horses! This is just a proposed bill, the final form that it will take before it becomes law no one knows at this time, not even the gang of 8. Ask this question again in about 3 or 4 months.
Yes, this is the purpose of the Immigration Reform, i.e. to provide a path for legalization of the undocumented aliens that are present in the US and that will meet certain proscribed eligibility criteria. However, you must wait until this bill becomes a law, and if and when it does, I highly recommend that you seek experienced immigration lawyer for assistance.
Contact immigration attorney Gintare Grigaite, Esq. at 201-471-7989, located in New York and New Jersey. Contact immigration attorney Gintare Grigaite, Esq. for a free consultation about new Immigration Reform policies. Answers on AVVO do not constitute legal advice and do not form attorney-client relationship. Always consult an attorney for a legal advice.