Vermont is offering a $10,000 grant for people to relocate and work remotely within the state.
The program is part of the state government's efforts to boost its commercial industries and mitigate the aging population.
Qualified Workers Get Up To $5,000 A Year
The act, which pertains to the promotion of remote workers and remote work arrangements, was signed to legislation on May 30 by Vermont Governor Phil Scott.
Qualified workers can avail up to $5,000 a year but not exceeding 10,000 for a period of two years. The money can be spent on qualified expenses such as rental and relocation costs, computer equipment and software, internet access, and co-working space memberships.
"This could also help to attract workers here, while still maintaining their positions in cities such as Boston and New York, as well as assist transition issues faced by many trailing spouses," said Ashley Romeo-Boles, the government affairs specialist of Vermont Chamber of Commerce Senate Economic Development, Housing and General Affairs Committee.
Requirements For Eligibility
To become qualified, the applicant must be a full-time employee of an offshore business and is working from home or in any co-working space in Vermont. He or she must also become a full-time Vermont on or after Jan. 1, 2019.
However, not all qualified individuals are entitled to the grant. The application is on a first come, first served basis. The state is allocating a maximum of $125,000 for the 2019 fiscal year, and $250,000 a year after. The budget cut will decrease to $125,000 by 2021.
Interstate Migration At Record Low
Results from the 2016 Current Population Survey Annual Social and Economic Supplement showed that 11.2 percent of the U.S. population moved between 2015 and 2016. In 1948, the mover rate was at 20.2 percent.
"The 1948 estimate shows 6.4 percent moved to a different county or state. Fast forward to 2016 and this number has dropped to just 3.9 percent," the United States Census Bureau reported.
Romeo-Boles said that the flexible remote work arrangement allows businesses to retain their older workers who also want to continue their careers. Other companies offer additional perks such as increased pay and evolving pay practices. Some employees can also arrange student loan payments and flexible work hours.
Those who will relocate to Vermont will still have to pay taxes even if they are working remotely.
"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," said Joan Goldstein, the commissioner of economic development for Vermont.
