Replaces everything after the enacting clause. Creates the Illinois State Training and Employment Program (I-STEP) Act. Provides that the Department of Commerce and Economic Opportunity and the Department of Employment Security may separately or jointly enter into agreements with employers, businesses, and others for job training and education and for training facilities and supplies. Authorizes credits for use by an employer or other entity to pay costs of the training and education services. Creates a panel of 11 individuals from business, education, and labor to advise the Department of Commerce and Economic Opportunity and Department of Employment Security with respect to the implementation and administration of the Act. Creates the I-STEP Fund, a special fund in the State Treasury, to pay costs associated with administration of the Act and amends the State Finance Act to list the new fund as a special fund. Amends the Unemployment Insurance Act to provide that program services under this Act constitute training programs under that Act and to provide that the special administrative account may be used for expenses incurred by the Department in the administration of the Illinois State Training and Employment Program (I-STEP) Act. Makes other changes. Effective immediately.