What is PROTECT IP Act?

Legal Definition
The PROTECT IP Act (Preventing Real Online Threats to Economic Creativity and Theft of Intellectual Property Act, or PIPA) was a proposed law with the stated goal of giving the US government and copyright holders additional tools to curb access to "rogue websites dedicated to the sale of infringing or counterfeit goods", especially those registered outside the U.S. The bill was introduced on May 12, 2011, by Senator Patrick Leahy (D-VT) and 11 bipartisan co-sponsors. The Congressional Budget Office estimated that implementation of the bill would cost the federal government $47 million through 2016, to cover enforcement costs and the hiring and training of 22 new special agents and 26 support staff. The Senate Judiciary Committee passed the bill, but Senator Ron Wyden (D-OR) placed a hold on it.

The PROTECT IP Act is a re-write of the Combating Online Infringement and Counterfeits Act (COICA), which failed to pass in 2010. A similar House version of the bill, the Stop Online Piracy Act (SOPA), was introduced on October 26, 2011.

In the wake of online protests held on January 18, 2012, Senate Majority Leader Harry Reid announced that a vote on the bill would be postponed until issues raised about the bill were resolved.
-- Wikipedia