The bill proposes the establishment of the Ohio Defense Commission, which will be responsible for promoting the defense industry within the state. It introduces new sections to the Revised Code, specifically sections 113.052, 122.98, and 122.981. The commission will oversee the Ohio defense fund, which will receive revenue from interest earned on bonds of the State of Israel, as well as other appropriations and contributions. The commission's duties include administering a defense industry expansion program, developing strategies to enhance the defense sector, and facilitating collaboration among stakeholders in the industry.

Additionally, the bill outlines the composition and operational structure of the Ohio Defense Commission, which will include various appointed members from the government and industry. The commission will meet regularly, compile annual reports, and establish a defense business incubator to support startups in the defense sector. The Ohio defense fund will be allocated to support the development of facilities for processing sensitive information, small business contracts, and grant programs for state defense projects. The commission will also adopt rules for administering the defense industry expansion program, including grant application processes and funding criteria.