The Georgia legislature has approved a new housing affordability tax on mortgage interest rates, property taxes and property assessments, and a new statewide measure that requires that every household receive the money by July 1.
The legislation, SB-1, passed the House on Thursday and will now be sent to Gov.
Deal, a Republican, says he will sign it as soon as he receives it.
The bill passed both chambers by a margin of 49-48.
It will now go to the governor’s desk.
Deal has proposed a plan to increase the state’s minimum wage to $10.10 an hour.
The state currently has the lowest minimum wage in the nation, with Georgia only slightly higher than Florida, according to the National Employment Law Project.
The minimum wage has remained at $7.25 an hour since its enactment in 2017.
The new bill also includes a $15 minimum wage for all jobs that require at least some work experience.
The law includes a requirement that companies with at least 100 full-time workers pay at least half of their payroll to the state.
Deal says the new law will help provide more affordable housing and jobs for Georgians.
“Today, Georgia’s residents, families and businesses are paying more and paying less in property taxes, taxes, assessments and other taxes, and our tax revenue is not growing as fast as the rest of the country,” Deal said in a statement.
“By helping Georgians, businesses and homeowners, this bill will help ensure we keep pace with other states in creating jobs and making our state more affordable and competitive.”
Deal has also said he will make it easier for homeowners to buy homes in the state by offering a $500 tax credit to homeowners who are willing to sell their home and make the payments.
Georgia already has one of the lowest foreclosure rates in the country, and the state has also seen the highest number of foreclosures in the last year.
Deal said the state will not have to make a payment on homeowners’ mortgage unless they pay a percentage of their property taxes.