Synopsis As Introduced Creates the Illinois Regenerative Medicine Institute Act. Requires that the 2006 general election ballot include the proposition that the State issue $1,000,000,000 in general obligation bonds in support of stem cell research. Creates the Illinois Regenerative Medicine Institute Creation Act to provide for the governance and operation of the institute, which awards grants and loans for the research. Creates the Cosmetic Medical Procedure Utilization Tax Act to impose a tax upon the privilege of using cosmetic medical procedures at the rate of 6% of gross receipts. Amends the Open Meetings Act to permit closed meetings of the Institute's Oversight Committee and advisory panels on certain confidential topics. Amends the Election Code to provide for placement on the ballot of debt issuance referenda under the Revenue Article of the Illinois Constitution. Amends the State Finance Act to provide various funds for the institute operations, the tax proceeds, and the bond proceeds and retirement. Amends the General Obligation Bond Act to provide for the issuance and use of $1,000,000,000 in bonds. Effective January 1, 2006, except for those portions (institute creation, tax imposition, and bond issuance) conditioned upon voter approval.