Here's the relevant section from the new law:
Section 3331(e) Required position and method of turning is amended to read:
Interference with pedalcycles. -- No turn by a driver of a motor vehicle shall interfere with a pedalcycle proceeding straight while operating in accordance with Chapter 35 (relating to special vehicles and pedestrians).
Chapter 35 says cyclists have to follow the same rules as motorists, but with various exceptions. None of those exceptions lets a cyclist go straight through a red light.
So a cyclist doing so would be violating Chapter 35, and therefore this new provision wouldn't apply to you if you hit him.
Of course, if you do hit someone, the fact that you won't face some $25 fine isn't going to seem very important. Try to stay aware of cyclists that may be lane-splitting, but more importantly, come to a complete stop before turning, and signal your turn well before making it (not at the moment you start turning, as some do).
If you follow John's advice and move to the far right side of the lane before turning, presumably you'd look first to make sure you're not forcing a bike next to you off the road.
HV, the PennDOT web page that seems to encourage filtering is here (recently moved):
These traffic-jam tactics are reasonably safe, but in some cities it may not be legal for a bicyclist to pass on the right or ride between lanes of traffic. On the other hand, it’s usually legal for you, or any driver, to cautiously disobey normal traffic rules when the road is “obstructed.”
It's vague because it's from a non-PA-specific cycling-safety book that PennDOT got permission to copy. Whether filtering is legal in normal traffic in PA isn't clear to me, but claiming that a red light has "obstructed" traffic (so normal rules may be ignored) seems like a considerable stretch.