Indiana farmland trust.

Establishes the farmland trust advisory board. Authorizes the Indiana state department of agriculture (department) to accept or acquire certain real or personal property to be held in trust. Allows the department to lease agricultural land that is held in trust. Creates the Indiana farmland trust fund to: (1) purchase permanent agricultural conservation easements; (2) purchase agricultural land; and (3) maintain any agricultural land that is held in trust by the department. Provides that an agricultural conservation easement that meets the agricultural conservation easement requirements shall be assessed and taxed on a basis that reflects the agricultural conservation easement. Provides that the state or a unit of local government may not acquire an interest in any real property through eminent domain if the real property is subject to an agricultural conservation easement, unless permission has been granted by the director of the department. Specifies that an agricultural conservation easement does not affect the ability of a public utility or a municipally owned utility to acquire property or property rights to be used in connection with the provision of utility services to the public. Requires the department to adopt rules concerning requirements to lease agricultural land held in trust by the department.