Nevada's Employment Security Council is recommending an overall reduction in the unemployment insurance rate, and the Nevada Appeal reports that the recommendation could save state businesses more than $250 million next year.
The council met last week and decided to recommend the average tax rate be cut to 1.9 percent, the lowest it has been in years.
Employment Security Administrator Renee Olson is expected to formally approve the rate on Dec. 7. The recession emptied some $700 million from state's unemployment trust fund and forced the state to borrow another $800 million from the federal government to pay unemployment benefits.
The state issued bonds to pay off that debt to the federal government and, once it was paid, eliminated the bond assessment, saving employers some $223 million.
Now, she said, the state is in good enough shape to lower the base rate itself.
Between the two, Governor Brian Sandoval said businesses will save nearly $500 million this coming year, money he said they can pass on to workers or reinvest in their companies.