https://finance.yahoo.com/news/vermont-pay-10-000-move-110056645.html
Hello All,
Saw Vermont rolled out an incentive to get more remote workers to live there, Does anyone plan on applying and If so why? Reason I’m asking is I work for an organization in Tulsa, Ok that wants to also bring in Nomads, and would love to hear your thoughts on what such a plan should look like
Any help would be Awesome!
Ben
Ha. That’s funny. I just passed through Tulsa, and I’ve been staying in OKC for the week. This place isn’t bad at all in the spring/summer. Very affordable. Would it be helpful if I shared insights on why I wouldn’t apply, even though I’m eligible?
I grew up in Vermont and it feels like the Vermont gov’t did this more for the publicity than the economic incentive. It’s really $10,000 over 2 years (so $5000 per year) and it’s only for spending on a subset of purchases. Since the business and property taxes are relatively high, and consequently the business opportunities are reduced, it doesn’t make sense to take advantage of this unless you were already remote working in Vermont or you value the community, schools, and nature-filled aspects of the Green Mountain State.
Also consider that some of the big companies will give you relocation bonuses all that once that are greater than $10,000.
Thanks man, appreciate the info. what kind of grant money/perks/payout structure would you want to see when Tulsa puts together its deal? OK taxes are much less and money goes further down here btw.
My thoughts are mostly an echo of what alex_vt said. The subset of purchases is the kicker, really. I can’t find it now, but I’m fairly sure I even remember someone being quoted essentially bragging about how they doubt many people will spend the full $10k, so the money will go farther.
An actual, bonafide grant of similar value would be harder to not entertain. Otherwise, as you pointed out, property taxes are in the top three lowest in the country already. Compared to my home state vehicle taxes are also incredibly low. However, (with all due respect, as you have a wonderful state), your roads are also often atrocious. The income taxes are also a little weird, because most of us are going to automatically be in the highest bracket if I understand correctly. But honestly, I don’t think this is a tax related decision at all. There are federal exemptions which can net us far larger tax savings than anything at the state level.
I’d rather see growth in things remote workers might care about, such as interesting co-working spaces with the ability to network or affordable gigabit internet. It’s easy to feel isolated when working remotely, so there’s a certain drive to get out. Remote workers also tend to travel fairly often, so further incentivizing cheap airfare (which you already do OK at, ha) or improving roads (without the complication of tolls). I know some of these things are easier said than done, but I hope some of it can be helpful.