This is for a situation where mom and pop—who have been community builders their whole lives and have been the ones who have sponsored the health foundations, the food banks, the sports clubs and the community centres, and contributed all year long—have their nest egg for retirement stuck in their business, and now they are looking at a choice of whether to sell it to their kids and allow them to continue this rich legacy but give a lot of it away by tax, or sell it to Joe Blow down the street and end up with more cash in their pocket.
This bill seeks to address exactly that inequity.