United States-Caribbean Basin Trade Enhancement Act

United States-Caribbean Basin Trade Enhancement Act - Title I: Trade Benefits for Caribbean Basin Countries - Amends the Caribbean Basin Economic Recovery Act (CBERA) to accord, for a specified period, the same tariff and quota treatment (duty-free treatment, free of any quantitative limitations) given certain textile and apparel articles imported from North American Free Trade Agreement (NAFTA) countries to such articles from U.S.- Caribbean Basin Trade Enhancement Act (CBTEA) beneficiary countries which have demonstrated commitments to: (1) undertake their obligations under the World Trade Organization on or ahead of schedule; (2) participate in negotiations toward completion of the Free Trade Area of the Americas (FTAA), or comparable trade agreement; or (3) undertake other steps necessary for it to become a party to the FTAA or comparable trade agreement.

Directs the United States Trade Representative (USTR) to report biennially to Congress concerning CBTEA beneficiary countries.

Directs the United States International Trade Commission to report biennially to Congress and the President on the economic impact of this Act on U.S. industries (including Puerto Rico and U.S. insular possessions) and consumers and on the economy of CBTEA beneficiary countries, including its effectiveness in promoting drug-related crop eradication and crop substitution efforts of such beneficiary countries.

Authorizes the President to determine that a country is not providing adequate protection of intellectual property rights under its laws, even if it is in compliance with the Agreement on Trade-Related Aspects of Intellectual Property Rights of the Uruguay Round Agreements Act.

Title II: Revenue Provisions - Amends the Internal Revenue Code to suspend, between June 30, 1999, and October 1, 1999, the limitation on the amount of distilled liquor taxes covered over to the treasury of Puerto Rico. Requires the treasury of Puerto Rico to make a Conservation Trust Fund transfer in a certain amount within 30 days from the date of each such cover-over payment made during such period.

Prohibits, in general, the use of the installment method of accounting for accrual method dispositions.