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Sandoval announces first cut in business unemployment taxes in 8 years

Nevada Gov. Brian Sandoval speaks Tuesday, December 5, 2017, at the Las Vegas Metro Chamber of Commerce. (Norberto Arroyo/KSNV)

Gov. Brian Sandoval said Nevada will reduce unemployment insurance taxes on businesses for the first time in eight years.

The governor made the announcement Tuesday afternoon at the Las Vegas Metro Chamber of Commerce.

Sandoval said that the state has repaid the federal government $800 million it had needed to pay unemployment insurance benefits. Nevada now has more than $1 billion in its unemployment insurance trust fund balance.

Nevada will reduce unemployment insurance taxes for the first time in eight years from 2.58 percent to 1.95 percent. The governor says the tax cut would provide $180 million in economic stimulus next year.

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