A bill to amend the Internal Revenue Code of 1954 to exempt from rules relating to foreign conventions all conventions, et cetera, held on domestic cruise ships and on certain foreign cruise ships which port in qualified Caribbean Basin countries.

Amends the Internal Revenue Code to revise requirements for the deduction of expenses incurred in attending a convention, seminar, or other meeting held on a domestic cruise ship and to extend eligibility for such deduction to a foreign cruise ship in specified Caribbean Basin countries. Requires the President to disqualify countries under certain conditions. Requires the President to notify Congress and the affected country 60 days before disqualifying such country.