Call to all far-off workers: Vermont has an agreement for you.
The state has a new law that allows workers to move and work abroad. Governor Phil Scott has signed the legislation on Wednesday.
Eligible workers can receive up to US $ 5,000 per year through the state's new Remote Worker Grant Program, not exceeding US $ 1
The money can be used for qualified expenses, including removal costs, necessary computer equipment and software, Internet access, and co-working membership.
Related: Why work from home could increase your taxes
Vermont has a small and aging population, according to Joan Goldstein, Commissioner for Economic Development for Vermont. "We recognize the need to recruit people for the state, and this is one of those efforts." She said that her office is already receiving inquiries from interested workers.
To be eligible, a worker must be a full-time employee for a business outside the state, working primarily from home or a coworking space in Vermont and being a full-time resident on or after January 1, 2019.
Interested Workers act better. The funds are distributed according to the first come, first served principle and the grants are subject to annual restraints.
For 2019, grants may not exceed $ 125,000. The cap will rise to $ 250,000 in 2020, then drop to $ 125,000 in 2021.
Related: Walmart's Advantage for Workers: Go to University for $ 1 a day
US Labor Market is flourishing Lately it's been difficult to keep workers. Government data also shows that people move less than in the past.
Businesses become more generous and creative to compete for talent . Some have increased pay and wages practices, while others have stepped up their social services, such as offering help with student loan debts and flexible schedules.
But it can have tax implications if you live in one state and work in another.
"You have to pay income tax in Vermont, even if you earn it outside the state," said Goldstein. "The idea of getting more people is because we need to widen the tax base … but if you're from New York, taxes are lower here."
CNNMoney (New York) First published May 31, 2018: 5:18 pm ET