The bill proposes the establishment of the Ohio Defense Commission, which will be responsible for promoting the defense industry within the state. It includes provisions for the creation of the Ohio defense fund, which will receive revenue from interest earned on bonds of the State of Israel, as well as appropriations from the General Assembly and other contributions. The commission will have various duties, including administering a defense industry expansion program, developing strategies to enhance the defense sector, and facilitating communication among stakeholders in the industry.

Additionally, the bill outlines the composition and operational structure of the Ohio Defense Commission, which will consist of appointed members from various sectors, including government and industry. The commission will meet regularly, compile annual reports of its activities, and will be supported by the Department of Development. The legislation also mandates the establishment of a defense business incubator to assist startups in the defense sector, ensuring that the necessary facilities and resources are available for research and technology development.