The main objective of the law is "to endow future generations with Jabotinsky's vision and legacy, to commemorate his memory and to educate future generations with Zionist goals and visions."
Knesset member and law initiator Ronnie Bar-On (Likud) said the law was created because Jabotinsky is considered one of the great forefathers of Zionism who dedicated his life to establishing a Jewish State in Israel.
"He left an impression on Zionism and on the country's identity in the same spirit as the country's visionary Binyamin Zeev Herzl," he said. "Jabotinsky's vision laid down the foundations for a liberal and modern country based on democratic values and concern for fellow-man and minorities."
Bringing Israel closer to Zionism
Bar-On said the law had been created in a bid to draw Israel's youth and public closer to Zionist values and to instill within them the Zionist legacy and perpetual memory of the Zionist forefathers.
To implement these values, "Zeev Jabotinsky Day" will be celebrated on an annual basis with educational activities in schools, the IDF and public institutions.
A public council will also be established to plan and recommend to Prime Minister Ariel Sharon ways to execute the law.
The proposed bill follows a recently approved law honoring the memory of Herzl and symbolizing the recognition and appreciation of the Zionist forefathers.
Forefather of Zionist activism
Jabotinsky (1880-1940) was a Zionist philosopher, author and journalist, who founded and lead the Revisionist movement.
He was prompted into Zionist thought during Russian pogroms against the Jews and within a short while was one of the leading Zionist personalities in Russia.
In 1925, he established the Union of Zionists-Revisionists (Hatzohar) which called for the immediate establishment of a Jewish State.
He is the forefather of Zionist activism and greatly influenced the political vision of the right-wing political parties in Israel.