Feds release draft legislation on alternative minimum tax, intergenerational business transfers

The Liberal government introduced draft legislation Friday for measures from the 2023 federal budget including the alternative minimum tax, intergenerational business transfers and employee ownership trusts.

The legislative proposals are out for consultation until Sept. 8, and a release from the Finance Department said the government would work toward implementing the legislation in the coming months.

Several measures from the 2023 federal budget that didn’t make it into the government’s first implementation bill, which passed in June, are included in the draft legislation released Friday.

These include legislative proposals to raise the alternative minimum tax and to amend the rules governing intergenerational business transfers.

There’s also draft legislation on employee ownership trusts, on modernizing the general anti-avoidance rule and revised draft regulations for the luxury tax.

The government also noted Friday that it’s taking stakeholder feedback on the substantive Canadian-controlled private corporation proposal from the 2022 budget.

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