Mentor program gives firms tax credit; benefits protégés

To meet the state’s demand for knowledgeable contractors, the state Economic Development department is offing a Mentor Protégé Tax Credit to Louisiana-based contractors and emerging construction technology firms.

LED Secretary Michael J. Olivier touted the program for its technical and economic benefits.

“The new Mentor Protégé Tax Credit Program presents another opportunity for Louisiana’s economy to expand as we continue to support entrepreneurs and their efforts to move Louisiana forward,” Olivier said. “This program is significant given the tremendous growth in Louisiana’s construction industry following hurricanes Katrina and Rita.”

The program was made possible by the Mentor Protégé Tax Credit Program Act of 2007. It is designed to enhance Louisiana’s entrepreneurial construction industry and capitalize on the booming construction technology centered in the state.

The program offers mentor firms income or franchise tax credits of up to $50,000 yearly by offering technical assistance to a protégé firm. Olivier said protégé firms, in turn, can use the monies to grow business, ultimately contributing to expanding the state’s economy and creating additional jobs.

To be eligible to become a mentor, a firm must be able to provide professional guidance and support to help protégés develop and grow.

Mentor firms must also demonstrate the capability to provide managerial or technical skills.

Protégé firms are required to be active certified participants in the LED’s Small and Emerging Business Development Program or registered in the state’s Small Entrepreneurship/Hudson Initiative Program.

For more information on the program, and a full list of rules and requirements, visit Louisiana Forward.com/entrepreneur or call (225) 342-4320.