A bill to establish a Caribbean Basin Regional Development Commission, and for other purposes.

Amends the Caribbean Basin Economic Recovery Act to establish the Caribbean Basin Regional Development Commission.

Authorizes the Commission to provide financial assistance to beneficiary countries to enable them to carry out projects that will result in: (1) the improvement of their infrastructures; (2) the improvement of production capacities; (3) the promotion of tourism; and (4) the facilitation of economic integration among beneficiary countries.

Prohibits the Commission from providing financial assistance to any beneficiary country unless: (1) the country has prepared a development plan setting forth the projects that the country will undertake; and (2) the Commission approves the development plan. Provides that the Commission may not approve any part of a development plan that will: (1) result in, or add to, surplus capacity in a beneficiary country for the production of specific articles; or (2) cause production facilities to be transferred from the United States to a beneficiary country. Specifies the countries to be considered as East Caribbean beneficiary countries for purposes of this Act.

Establishes in the Treasury the Caribbean Basin Development Fund (Fund). Specifies that such Fund shall consist of: (1) an East Caribbean Account; (2) an Other Caribbean Account; and (3) a Matching Grant Account. Appropriates to the East Caribbean Account and the Other Caribbean Account an amount equal to 50 percent of the revenue attributable to the duties imposed on products of the beneficiary countries in a fiscal year. Appropriates to the Matching Grant Account an amount equal to 20 percent of the revenue attributable to the duties imposed on all articles that are the products of CBI donor countries (Mexico, Venezuela, and Colombia). Authorizes the Commission to use funds in such accounts to provide grants to beneficiary countries for projects under this Act.

Repeals provisions of the Caribbean Basin Economic Recovery Act regarding special rules for the importation and duty-free treatment of sugars, sirups, and molasses. Provides that no quantitative restrictions on the importation of sugar, sirups, and molasses shall apply to any sugar-containing product that is the product of any country designated as a beneficiary country under the Caribbean Basin Economic Recovery Act.

Amends the Internal Revenue Code to allow an income tax deduction for convention expenses incurred on cruise ships traveling to beneficiary countries.