Cruise Lines Face Nearly $1 Billion in New Taxes
Rockefeller’s bills would indeed be game-changers for cruise lines that have long hidden behind foreign flags. He’s talked about nearly $1 billion in annual taxes, although cruise attorneys would play with those numbers. Bottom line: The cruise industry can afford it and should pay.
Excerpt from Travel Weekly
Acting on his vow to significantly boost taxation of the cruise industry, Sen. Jay Rockefeller (D-W.Va.) has introduced two bills: one to end the cruise lines’ exemption from U.S. income tax and another to impose a 5% excise tax on revenue generated by U.S. cruises.
Together, the two measures could generate hundreds of millions of dollars in tax revenue — possibly close to $1 billion, based on the industry’s 2012 results.