Rep. Ellison: Republican Tax Law Will Hurt Hennepin County Homeowners
WASHINGTON – Rep. Keith Ellison today unveiled a report highlighting how Hennepin County homeowners will be impacted by the new Republican tax law, the “Tax Cuts and Act.” The report found that tens of thousands of homeowners in Hennepin County who previously were allowed to deduct their full property taxes and interest on home equity loans will no longer be able to do so. Meanwhile, commercial real estate developers were rewarded with new tax breaks.
“What this report makes clear is that Republicans were willing to punish Minnesota homeowners in order to provide more tax breaks to corporations and commercial real estate developers—like Donald Trump,” said Rep. Keith Ellison. “Because of this tax law, Minnesota families who took out home equity loans to pay for medical emergencies or their child’s college and expected to deduct the interest on that loan will no longer be able to. These changes go against Minnesota values, plain and simple.”
The report finds:
• Beginning in 2018, about 53,700 homeowners in Hennepin County with home equity loans may no longer be able to claim interest deductions.
• Although 228,600 homeowners in Hennepin County used to be able to deduct their full property taxes, about 81,200 no longer will be allowed to do so.