JEFFERSON CITY, Mo. – Democratic Gov. Jay Nixon on Tuesday announced employers in the state will save $186 million in federal taxes because the state has come in six months early on payments into the federal Unemployment Insurance Trust Fund.

The numbers came in a revised projection from the U.S. Department of Labor, which showed Missouri’s dues came in early, lowering the tax burden by nearly $84 per employee.

“This revised projection is another clear indication of our strong economy,” Nixon said. Additionally, Nixon said in the upcoming tax year, “Missouri employers will save 70 million because we’re phasing out the corporate franchise tax.”

“Our economy is growing, which means more Missourians are working,” he added.

Since 2009, Missouri borrowed more than $1 billion from the Unemployment Insurance Trust Fund. Now, the state owes only $321 million. Previous projections had predicted Missouri’s share wouldn’t be paid off until 2015.