{mosads}The CBO determined the bill would not affect state or local budgets.

The bill passed the Senate Judiciary Committee earlier this year, and House Judiciary Committee Chairman Lamar Smith (R-Texas) told The Hill Thursday that he plans to introduce a House version in September.

Sen. Ron Wyden (D-Ore.) has placed a hold on the PROTECT IP Act because he says it overreaches and threatens free speech.

The U.S. Chamber of Commerce released a statement Thursday saying the measure would be worth its cost. 

“Given that America’s IP-intensive industries employ more than 19 million Americans and generate nearly $7.7 trillion in gross output, should Congress decide to provide more resources to the Justice Department, it will be a small price to pay to save American jobs and protect American consumers,” said Steve Tepp, the Chamber’s senior director for intellectual property enforcement.