Creates the Firearm Violence Prevention and Reduction Study Act. Requires the Department of Public Health to conduct a study on methods to prevent and reduce firearm violence in Illinois. Provides that the Department of Public Health must file a yearly report of the study's findings with the General Assembly on or before December 31, 2022 and on or before December 31 of each year thereafter through December 31, 2031. Provides that, subject to appropriation, the study is to be provided sufficient funding in the amount of $150,000 per year. Allows the Department to adopt rules necessary for the implementation and administration of the Act. Provides that the Act is repealed on January 1, 2032. Effective immediately.