The New York State Legislature was poised Monday night to pass the first gun control measure following the Newtown school massacre.

Sources told Kramer the deal worked out by the Legislature is wide ranging, but it starts with assault weapons.

“We are going to ban assault weapons. We are going to eliminate all of the loopholes that existed previously,” Silver said.

The new state legislation will:

* Limit ammunition clips to seven. It’s now 10

* Force gun owners to renew their licenses every five years

* Stiffen penalties for using a gun in the commission of a crime

* Stiffen penalties for bringing a gun on school property

* New restrictions on the assault weapons already owned by New Yorkers

“They will be basically not permitted to be transferred. They will be grandfathered in but not in terms of a transfer. There will be a registry,”