State payments in lieu of property taxes.

Requires the state to make payments in lieu of property taxes (PILOTs) for qualified parcels in counties in which at least 19% of all land in the county is: (1) in the aggregate, owned or leased by the state of Indiana or the federal government; and (2) subject to an exemption from property taxes. Defines "qualified parcel" as a parcel that is: (1) owned or leased by the state of Indiana; (2) subject to an exemption from property taxes; and (3) located in a county to which this act applies. Provides that a county containing qualified parcels is entitled to receive PILOTs from the state. Provides that for purposes of calculating a PILOT, each acre of the qualified parcel is considered to have an assessed value of 1/2 of the statewide agricultural land base rate value. Provides that money received from the PILOTs must be used by the taxing units for capital expenditures related to public safety. Annually appropriates from the state general fund the amount necessary to pay the required PILOTs.