If you have been looking for a change of scenery, and Vermont sounds good to you, Governor Phil Scott signed new legislation into law Thursday that should sweeten the deal for you.
Per CNN Money, eligible workers can get up to $5,000 a year, but that cannot exceed $10,000 over two years, through the state’s new remote worker grant program.
However, the money can be used on a host of qualified expenses, such as costs to relocate, any necessary computer equipment and software that you might require, as well as internet access and co-working memberships.
One might ask then why Vermont is looking to spend money on getting people to move there.
According to Joan Goldstein, commissioner of economic development for Vermont, the state has a small and aging population. “We recognize the need to recruit people to the state, and this is one of those efforts.” It has apparently been a popular proposition as she said her office is already getting inquiries from interested workers.
Act Fast If You’re Interested
Regarding eligibility, a worker has to be a full-time employee for an out-of-state business, work primarily from home or a co-working space in Vermont, and become a full-time resident on or after January 1, 2019.
However, interested workers will need to move fast. Funds will be distributed on a first come, first served basis, with annual limits to the grants as explained below:
For 2019, total grants cannot exceed $125,000. The cap increases in 2020 to $250,000, then drops back down to $125,000 in 2021.
Vermont Tax Implications
As always, any potential move could have tax implications for you as well. “You will have to pay income tax in Vermont even if you earn it outside of the state,” said Goldstein. “The whole idea of getting more people is because we need to broaden the tax base … but if you are moving from New York, taxes are less here.”
As one who has visited Vermont on numerous occasions in the past, I can certainly vouch for the beauty of the state, and its proximity to other destinations. The class of maple syrup is bar none some of the best, Vermonters are quite friendly, but just be sure to look out for the occasional moose who might drop by.