Amends the Illinois Municipal Code. Provides that if the corporate authorities of a municipality wish to consider defunding the municipal police department through revising or eliminating its current budget or appropriation ordinance, stopping appropriations in current or future budgets, or ending or significantly reducing a tax or taxes that support the police department, the corporate authorities of the municipality must conduct no less than 2 public hearings prior to taking any such formal action, the sole purpose of which shall be to discuss the decision to defund the police department and to receive input from the community. Includes notice requirements. Excludes municipalities that have contracted for police protection through another unit of local government or other law enforcement agency. Limits home rule powers. Effective immediately.