Governor Phil Scott signed the legislation on Wednesday.
The grant program is created to shore up the state's small and aging working population, according to Joan Goldstein, commissioner of economic development for Vermont.
To be eligible, a worker must be a full-time employee for an out-of-state business, work primarily from home or a co-working space in Vermont, and become a full-time resident on or after January 1, 2019. After that, if funding remains available, the state is planning to have up to $100,000 in grants per year.
Trump says North Korean envoy is likely to visit the White House
North Korea's envoy Kim Yong Chol (left) shakes hands with US Secretary of State Mike Pompeo during their meeting in New York, US. The historic meeting between Mr Trump and Kim Jong-un would be the first between sitting United States and North Korean leaders.
But there are several catches - you must work remotely, and the money can only be used on certain expenses, including relocation costs, computer equipment and software, internet access and co-working memberships, reports CNN Money.
In addition to the grants, Vermont is employing several strategies to entice workers to come to the state. The average resident is older than the majority of the USA population and the state is concerned about a rapidly shrinking tax base. As The Burlington Free Press notes, the state is aging faster than the rest of the U.S., and has the third highest median age in the country. In March, Gov. Scott and the Vermont Department of Tourism and Marketing announced the Stay-to-Stay initiative, a program created to help tourists permanently relocate to the state. It was announced in March by Scott and the Department of Tourism.
Still you're interested to check it out, the state also launched a program called "Stay to Stay Weekends", aimed at getting tourists to relocate.
Several U.S. cities have provided incentives for newcomers to move, including New Haven, Connecticut and Detroit. The rapidly shrinking tax base is leading to an economic crisis in the northeastern state, and as a result, Vermont is experimenting with innovative ways to attract new residents.