according to this link, the bill you're referring to passed in the house. It must now pass in the senate, be signed by the president then it becomes law:
From an article I read about it the other day they are expecting the 5 year renewal to kick in 2017 or 2018
Edit: if you want the actual text it's section 312 in the "Text" tab. Here's the content:
SEC. 312. CERTIFICATES OF DOCUMENTATION FOR RECREATIONAL VESSELS.
Not later than 180 days after the date of the enactment of this Act, the Secretary of the Department in which the Coast Guard is operating shall issue regulations that—
(1) make certificates of documentation for recreational vessels effective for 5 years; and
(2) require the owner of such a vessel—
(A) to notify the Coast Guard of each change in the information on which the issuance of the certificate of documentation is based, that occurs before the expiration of the certificate; and
(B) apply for a new certificates of documentation for such a vessel if there is any such change.