This comes from a new law passed on Wednesday by Governor Phil Scott, that will pay at home workers to move to Vermont and work remotely.
The ThinkVermont Innovation Initiative was created to respond to the growth needs of Vermont small businesses with 20 or fewer employees by funding innovative strategies that accelerate small business growth and meet the project criteria specified in this section. The Initiative shall enable the State to invest in projects with grants that can be accessed more quickly and with fewer restrictions than traditional federal initiatives.
If you are a full-time employee and work out of state and work primarily from home or co-workspace in Vermont you could be eligible to receive up to $5000 a year through this new remote workers grant program.
Those remote workers can use the money on expenses, including costs to relocate, computers, software, internet access, and memberships to shared workspace.
“Vermont has a small and aging population, according to Joan Goldstein, commissioner of economic development for Vermont. “We recognize the need to recruit people to the state, and this is one of those efforts.”
The eligible workers must become a full-time resident on or after January 1, 2019.
Interested workers need to jump on this quick. Funds are being distributed on a first come first serve basis and annual limits have been set for the grant. 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 leveling at $100,000 every years after that.
“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.”