Construction News

Mentor Protégé Tax Credit Program

Louisiana Economic Development (LED) is now offering the Mentor Protégé Tax Credit Program, which will provide technical and economic benefits to Louisiana-based contractors as well as emerging construction technology firms. 

The program, made possible by the Mentor Protégé Tax Credit Program Act of 2007, is designed to enhance the entrepreneurial construction business environment in Louisiana, as well as capitalize on the nationwide growth of construction technology centered in the state.

Through the program, mentor firms can receive Louisiana income or franchise tax credits of up to $50,000 per year by offering technical assistance to a protégé firm.  In turn, the protégé firm can use the resources available to help grow its business, ultimately contributing to the expansion of the state's economy and quality jobs available.

To be eligible as a mentor, a firm must be committed and able to provide professional guidance and support to its protégés to facilitate their development and growth, as well as demonstrate the capability to provide managerial or technical skills.

For a protégé firm to apply for the program, it must be an active certified participant in LED's Small and Emerging Business Development Program or registered in the state's Small Entrepreneurship/Hudson Initiative Program.

For more information about the Mentor Protégé Tax Credit Program and a full list of rules and requirements, visit www.LouisianaForward.com/entrepreneur or call (225) 342-4320.