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Marriage in the United States shall consist only of the union of a man and a woman. Neither this Constitution or the constitution of any State, nor state or federal law, shall be construed to require that marital status or the legal incidents thereof be conferred upon unmarried couples or groups.
Now, I'm no fancy lawyer, but to me the "legal incidents thereof" sounds pretty much like "oh, and don't be giving them any of the benefits/rights/protections of marriage either!"
...I think non-lawyer Jesse has the right take.
...a few people seem to be misunderstanding this and I think it's because they're missing a phrase. It says, "Neither this Constitution [federal] or the constitution of any State, nor state or federal law." This isn't just about those pesky "activist" judges interpretating some equal protection or other part of their state constitutions to "require" gay marriage as is happening in Mass. This would also block any state laws enacted by the state legislatures from doing similar.
...Jack Balkin, a fancy lawer, explains.