Authorizes the Indiana department of health (state department) to assess a public health assessment fee (fee) upon nonprofit hospitals (excluding county hospitals). Provides that the fee shall be imposed on total hospital net patient revenues at a rate determined by the state department after review by the budget committee. Requires the rate to be formulated to result in total fee revenue generation of: (1) $120,000,000 in state fiscal year 2024; and (2) $230,000,000 in state fiscal year 2025, and each state fiscal year thereafter. Establishes the local public health department fund (fund). Requires the revenue from the fee to be deposited in the fund. Provides that the fund is administered by the state department. Specifies the purposes for which money in the fund may be used.