The Internet Gambling Prohibition Act, sponsored by Senator Kyl from Arizona, is scheduled for "mark-up" in the Subcommittee on Terrorism, Technology and Government Information on Wednesday, May 12 (2PM or 2:30PM). The subcommittee is chaired by Senator Kyl himself. Mark-up means that changes to the bill will be discussed and voted on. Passage on to the full Senate Judiciary Committee is the next step and is anticipated in this case.
An aide to Senator Kyl noted that there were additional changes made to the bill and those changes were not yet available. In the tradition of the path of last session's version, this will likely be the first of many versions of the "Kyl" bill.
No companion bill has yet been filed in the House of Representatives. A bill must pass both chambers and have differences resolved in a conference committee before being sent to the President for approval.
IGN will keep you posted on events as information is made available.