The proposed bill, known as the Ohio Business Investment Act, seeks to establish section 9.71 of the Revised Code, which prohibits state and local entities from providing economic incentives to companies associated with certain foreign countries deemed as "foreign countries of concern." The bill defines key terms such as "economic development assistance," "incentive," and "disqualified entity," which includes foreign countries that are restricted from acquiring agricultural land in Ohio and any entities controlled by such countries.

Under the new provisions, before any incentives are awarded, applicants must submit an affidavit confirming they do not represent a disqualified entity. Additionally, state agencies and political subdivisions that grant incentives are required to implement procedures for addressing complaints related to violations of this section. This legislation aims to safeguard Ohio's economic interests by ensuring that state resources are not allocated to entities linked to foreign adversaries.