Governor Brian Sandoval discussed Nevada’s economy, unemployment insurance trust fund and tax rate in Las Vegas on Tuesday. 

During a press conference at the Las Vegas Metro Chamber of Commerce, he said that unemployment insurance taxes will be reduced for the first time in eight years from 2.58% to 1.95%, adding that the tax cut will provide $180 million in 2018 in economic stimulus. 

Sandoval added that Nevada has more than $1 billion in its unemployment insurance trust fund balance.

Sandoval said that in 2010, Nevada owed the federal government more than $800 million for funds borrowed to pay unemployment insurance benefits. 

Sandoval said that the state was paying 140,000 unemployment insurance claims totaling approximately $45 million per week. As of December 1st, Nevada’s business community has paid down the $800 million debt and restored the health of the trust fund.

(Governor Sandoval’s Office contributed to this report.)