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 framework of the Ohio Defense Commission, which will consist of various appointed members, including representatives from the military, business sectors, and legislative bodies. The commission will be tasked with creating a defense business incubator to support startups in the defense technology field. It will also compile annual reports on its activities and findings, ensuring transparency and accountability in its operations. The bill emphasizes the importance of fostering economic development related to the defense industry through grants and strategic initiatives.