Pay Teachers Act This bill provides funding to support education programs and addresses teacher shortages, including by establishing a minimum salary for public elementary and secondary school teachers. Specifically, the bill requires states to establish a minimum annual salary of at least $60,000 for full-time teachers that increases with experience. It establishes a pathway for eligible states to extend their time line to comply with these requirements. The bill provides specified funds to the Department of Education (ED) for FY2024 and each succeeding year (indexed for inflation) for federal aid to local educational agencies for the education of disadvantaged children, programs to support rural education, the Impact Aid program, technical assistance to support the equitable distribution of teachers, the Teacher Quality Partnership grant program (and further directs ED to prioritize these grants for programs to address teacher shortages), the Augustus F. Hawkins Centers of Excellence program, personnel development to improve services and results for children with disabilities, the Supporting Effective Educator Development program, and the Teacher and School Leader Incentive program. Additionally, the bill provides specified funds to the Bureau of Indian Education (BIE) for FY2024 and each succeeding year (indexed for inflation) for programs and activities operated or funded by the BIE for BIE-funded schools. Entities receiving these funds must ensure that teachers are compensated with at least the minimum annual salary established by the BIE. The bill provides specified funds to ED for FY2024 to contract with the National Academies of Sciences, Engineering, and Medicine to study resource equity requirements.