Brace yourselves – Vermont has an interesting deal for you!
Governor Phil Scott just signed the legislation on Wednesday that stated that workers will be paid to move to Vermont to work remotely.
They can get more than $5,000 a year, with the maximum of $10,000 in two years.
That money may be used for necessary expenses such as software equipment, relocating costs, co-working memberships, and internet access.
According to Joan Goldstein, a commissioner of economic development in Vermont, Vermont is a state which has a small and aging population. That’s why they have a need to recruit more people to the state.
If you are interested to work in Vermont and move there, you better act fast because the funds will be distributed on a first served basis and annually there are limits to the grants.
The grants are $125,000 for 2019. They increase to $250,000 in 2020 and then drop again to $125,000 in 2021.
So, what your qualifications should be?
You must be a full-time employee for an out-of-state business there and work mainly from home. Also, you need to be a full-time resident of Vermont from January 1, 2019.
Finally, what is the catch?
The catch is that there are serious tax implications for people who live in one state and work in another.
“You will have to pay income tax in Vermont even if you earn it outside of the state,” concluded 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.”
What do you think about this “generous” offer? Would you consider moving there?