I've avoided linking to the sponsor, but here is some info on IN House Bill 1260:
It's being pushed by an anti-2nd amendment PAC. Their slogan is, "Saving lives one bullet at a time". What this bill is proposing is that all ammunition have an encoding, in rough terms a serial number on each bullet, and that the cost of said encoding and tracking be passed on to the purchaser of the ammunition.
Off the top of my head the faults are:
1) Just because the bullet might be traceable to a particular batch of ammo or even a purchaser does not mean that its going to prevent anyone from being shot. It only offers a slim thread to track down the shooter after the fact
2) Criminals don't care. They're going to get ammo and they're going to use it to harm people.
3) People who want to hide will always be able to manufacture their own ammunition and purchase old ammunition. Bullets keep for a long time and people have been making their own lead bullets for centuries, its not going away.
I expect this to die in committee, but its worth keeping an eye on. Write your House Rep and ask them to make this die. Its an excessive and unnecessary piece of legislation with a high cost and low benefit.