Plain English Meaning
It is the FAA approval standard for a type of GPS receiver that can use satellite-based correction signals to improve accuracy. If your GPS is approved to this standard, the FAA treats it as reliable enough for certain IFR planning rules involving alternate airports.
Full Definition
An FAA Technical Standard Order that sets the minimum performance standards for airborne supplemental navigation sensors using GPS augmented by Satellite-Based Augmentation System () signals. Equipment certified to TSO-C196 (or its successors) may be used as a supplemental means of navigation under IFR, and is one of the authorizations that allows a to plan an with destination below standard while still using a GPS-based at the alternate, subject to rules.