OLYMPIA, WA — A bill introduced in Olympia Wednesday would grant King County new authority to create a payroll tax on large businesses to help combat homelessness in the region.

Under House Bill 2907, permitted taxes could apply only to businesses that employ people making $150,000 or more per year. Small businesses and grocery stores are among the categories of employers who would be explicitly exempted from the law.

The Seattle Times reports the legislation allows a payroll tax between 0.1 percent 0.2 percent, which would be paid by an employer and could not be deducted from an employee's paycheck. King County Executive Dow Constantine and Seattle Mayor Jenny Durkan estimated revenue from the tax would raise $121 million annually.