Federal government evaluating parts of Lubbock as economic 'opportunity zones'
Investing in parts of Lubbock could get you a tax break soon.
The city and Texas hosted a conference on the subject on Friday afternoon. It included staff from the Department of Housing and Urban Development, and the Commerce Department.
The federal government is evaluating parts of Lubbock as economic "opportunity zones," a tool used to bring private investments into high risk areas.
Taxes on investments in the opportunity zone can be deferred, and there would be a break on the capital gains tax.
"There will never be enough public dollars to meet the private needs of our citizens, so being able to do whatever we can to incentivize those private dollars to come in and fill the gap is what we're really focused on right now," Beth Van Duyne, with the Department of Housing and Urban Development, said.
John Fleming, assistant secretary of commerce, said generally private funding is 15 to one with federal dollars. With economic opportunity zones, he said that could explode to 30, 50, 100 or even 1,000 to one.