The bill proposes the establishment of the Ohio Defense Commission, which will be responsible for promoting the defense industry within the state. It includes 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. The commission will consist of appointed members from various sectors, including government and industry, and will meet regularly to discuss its initiatives.

Additionally, the bill outlines the creation of a defense business incubator to support startups and early-stage companies in the defense sector, providing necessary facilities for research and technology development. The Ohio Defense Commission will also administer grants to support economic development related to the defense industry, with specific rules and procedures established for the grant application process. Overall, the bill aims to strengthen Ohio's defense capabilities and foster growth in the defense industry through strategic planning and resource allocation.