The bill establishes the Ohio Defense and Space Advisory Commission and the Defense and Aerospace Industries Expansion Program to promote defense and aerospace industries in Ohio. The commission will advise the Department of Development, study industry strategies, encourage industry communication and resource-sharing, and issue recommendations on military base realignment, technology research, and quality of life for service members and veterans. It outlines the commission's composition, meetings, and annual reporting requirements. The bill also authorizes the Department of Development to administer grants for defense and aerospace industry economic development. Additionally, it establishes rules for grant administration, fund usage, reporting, and auditing processes. The bill appropriates $5,000,000 from the General Revenue Fund for the defense and aerospace industries program.