Thank you all for your input, support, and updates. Attached is a copy of a letter that I received from the CFC explaining the legislation and intent for paintball. I have read it, re-read it, and stared at it and found it very difficult to interpret the language of the Bill in way that was consistent with the interpretation being offered. I likened the legislation to those 3D illusions with the dots that form 3D images if you stare at it long enough and just the right way.
Some people get it very quickly, some eventually, and some never.
Well I finally got it and will share for those interested how to get there. For those who have NOT seen the letter from the CFC, I am inserting it at the end. In order to interpret the language properly, you must take into account both 'NOT's. Since the speed is less than 500fps the condition is true even though the other half is false. Thank you in advance for your assistance.