Provides that the amendatory Act may be referred to as the Illinois Guaranteed Income Law. Amends the Department of Human Services Act. Establishes the Guaranteed Income Implementation Board within the Department of Human Services to: (i) evaluate the efficacy of guaranteed income in improving outcomes for Illinois residents; (ii) propose statewide policies to create and implement one or more permanent guaranteed income programs; and (iii) provide oversight related to the implementation of any guaranteed income program enacted by the General Assembly. Sets forth the composition of the Board and provides that all appointments to the Board must be completed by August 31, 2024. Requires the Board to meet at the call of the co-chairs no less than 6 times a year with the first meeting to be held no later than 30 days after all Board members have been appointed. Provides that the Board must perform certain tasks including reviewing the landscape of cash supports available to low-income residents of Illinois and identifying populations without significant access to cash supports. Contains provisions concerning Board reporting requirements, Board recommendations and subcommittees, and other matters. Provides that the Board shall dissolve on December 31, 2027. Requires the Department of Human Services to establish and administer, subject to appropriation, a Guaranteed Income for Illinois Program that provides a monthly cash benefit of $1,000 to Illinois residents, regardless of immigration status, who: (1) provides care for a child or other specified dependent; (2) recently gave birth or adopted a child; or (3) is enrolled in an educational or vocational program. Contains provisions on qualifying life events that effect eligibility determinations, renewal applications for benefits, and Department rules. Effective immediately.