Tax reform is a big deal for small businesses, and it will impact many plastics processors and mold manufacturers for better or for worse. To get input from small businesses, Congressman Erik Paulsen (MN-03) recently visited Diversified Plastics Inc., a custom plastic injection molder in Minneapolis, as part of a small-business tax reform listening tour. The objective of the visit was to learn firsthand how tax reform can help Minnesota businesses and families.
|Congressman Erik Paulsen (left) toured the Diversified Plastics facility recently.|
“The research and development (R&D) tax credit provides a savings to companies that require tooling for new products,” said Roger Vang, Chief Financial Officer at Diversified Plastics. “This helps companies be more competitive in the United States, keeping manufacturing business from being sent overseas. In addition, tax credits make additional resources available for businesses to buy more equipment and hire more employees.”
An employee stock ownership plan (ESOP) company, Diversified Plastics offered unique insights on tax reform. Annette Lund, Vice President, led Paulsen and others on a tour of the company’s facility where they had an opportunity to speak with employee-owners. A supporter of ESOP companies, the congressman was referred to Diversified Plastics by North Hennepin Area Chamber of Commerce.
Diversified Plastics is celebrating its 40th year in business, specializing in molding of high-precision, close-tolerance components for the medical device, filtration, aerospace and other industrial markets. The company is ISO 9001:2008 and ISO 13485:2003 certified, FDA registered, ITAR certified and UL registered.