Vermont will pay you $10,000 to relocate. Here's why

Vermont governor signs bill to pay people $10K to move to state and work remotely

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On Wednesday, Vermont passed a law that will pay people $10,000 to move to Vermont and work remotely for an out-of-state employer. At that point, the worker is eligible for a grant of up to $5,000 to help cover relocation costs and other qualified expenses, such as broadband access and computer hardware.

The law defines a qualifying worker as working primarily from a Vermont home office or co-working space and employed full-time by an out-of-state based company.

However there could be tax implications if one lives in one state while working in another.

The policy is created to address Vermont's rapidly aging population, according to CNBC. "We need more people in the state and people participating in the workforce", said Joan Goldstein, the commissioner of Vermont's Department for Economic Development. In return, the state is hoping to get a much-needed boost to its economy.

Grants will be distributed on first-come, first-served basis, and recipients will receive $10,000 over two years.

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"We have about 16,000 fewer workers than we did in 2009", Scott said in a statement, according to CNBC.

Republican Phil Scott called on lawmakers to look for ways to attract and retain more young people.

Only workers who become full-time Vermont residents after January 1, 2019, will be eligible. To address worker shortages, small towns in MI and OH are also offering financial incentives to people willing to move. About 25 remote workers each year will be able to benefit. The initiative, announced in March, aims to convert tourists into full-time residents.

Those interested are invited to stay a weekend and meet with local realtors, community leaders and young professionals around the state. The state is allocating a maximum of $125,000 for the 2019 fiscal year, and $250,000 a year after.

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