Discovery Cruise Line, one of the largest tour operators from South Florida to the Bahamas, has announced that an agreement has been signed between the United States Treasury and the Commonwealth of the Bahamas which makes the Bahamas eligible on January 1, 2006, to be treated as if meetings, conventions and tradeshows held there are conducted within North America. This means that any United States taxpayer, individual or corporation can deduct from income costs incurred with respect to attendance at a conference or convention held in the Bahamas in the same manner and to the same extent that such a taxpayer is permitted to deduct such costs with respect to attendance at a conference or convention held with the United States.
For those meetings being conducted prior to the effective date, means are available to allow for the total deduction by United States taxpayers for conventions and meetings held within the Bahamas.
According to Hanns J. Hahn, General Manager of Discovery, “This is a significant step in attracting meetings and conventions to Grand Bahama Island, which is the daily destination of Discovery. Several of the resorts on the island have ample meeting facilities to accommodate most meeting requirements and, with Discovery’s capacity of 1,200 passengers, even large groups can travel to the island in a single transportation vehicle. And, Discovery has several meeting rooms on board to enable groups to meet on the way to and from Grand Bahama.”