Creates the Plastic Pollution and Recycling Modernization Act. Provides that producers of specified covered products must register with and be a member of a producer responsibility organization that administers a producer responsibility program. Requires producer responsibility organizations to work with recycling system participants in order to ensure that covered products collected by a recycling collection service are recycled by responsible end markets applying to specified covered products. Exempts small producers from the requirement to be a member of a producer responsibility organization. Requires producer responsibility organizations to submit to the Environmental Protection Agency a plan for the development and implementation of a producer responsibility program with specified requirements. Provides that producer responsibility organizations shall establish a schedule of membership fees to be paid by members of the organization. Provides that producer responsibility organizations must submit to the Agency for approval by the Agency an annual report on the development, implementation, and operation of the producer responsibility program. Contains provisions regarding compensation to units of local government and unit of local government service providers. Establishes the Illinois Recycling System Advisory Council to perform specified duties. Creates the Producer Responsibility Fund and the Waste Prevention and Reuse Fund and makes conforming changes in the State Finance Act. Provides that specified moneys shall be deposited into the funds. Establishes the Truth in Labeling Task Force to study and evaluate misleading or confusing claims regarding the recyclability of products made on a product or product packaging. Contains other provisions. Effective immediately.